A. There is hereby created a separate account, to be known as the Utility Revenue Fund. All revenues from the water and sewer systems rates, as determined from time to time by Council, shall be placed in the Fund. Necessary funds for the operation and maintenance of the water and sewer systems shall be first deducted from the Fund or from the revenues obtained from the water and sewer system deposits.
B. After the expenses of maintenance and operation are deducted from the Utility Revenue Fund, at least 2% of the gross receipts of the previous month shall be paid into a revenue fund hereby created and known as the Water and Sewer System Replacement and Extension Fund until a sum equal to $25,000 or more has been accumulated and is on deposit in the Water and Sewer System Replacement and Extension Fund. The city may, at its discretion, limit further payments as long as the balance of the Water and Sewer System Replacement and Extension Fund is equal to $25,000. Money in the Fund may be used from time to time by the city in making replacements and extensions to the water system of the city water and sewer system.
C. Any moneys remaining in the Utility Revenue Fund after the payments for the operation and maintenance of the water and sewer system have been made and after payments to the Water and Sewer System Replacement and Extension Fund, as herein provided, may be used for any lawful purpose by the city.