The Village Treasurer shall receive all such revenues from the waterworks system and all other funds and moneys incident to the operation of such system as the same may be delivered to him or her and deposit the same in a separate fund and in a separate bank account designated as the “Waterworks Fund” of the village, established by the water ordinance. Said village, which authorized the above mentioned revenue bonds, and said Village Treasurer shall administer such fund in every respect in the manner provided by said ordinance and by law.
(1975 Code, § 32-129)