(A) Records: It shall be the duty of the city treasurer to keep an accurate record of all funds turned over to him by the superintendent of waterworks in a separate fund to be known as the "waterworks fund".
(B) Disbursements: All disbursements for the operation and maintenance of the waterworks system and repair thereof shall be paid out of said fund upon warrants duly drawn by the mayor and city clerk, and all bills shall be first approved by the superintendent and passed and allowed by the city council before warrants therefor shall be drawn on said fund. In case there is a surplus in said fund over and above the cost of operation, maintenance and repair of the system, it may be used for the extension of said system if so ordered by the city council. (Ord. 39, 12-15-1914)