All moneys collected as water and/or sewer rates, and other revenue receipts from
any bond issues for the extension or improvement of the combined waterworks and sewerage
system shall be placed in the city treasury as a separate fund, to be called and known
as the "water fund," and all expenses incurred on account of the repair, improvement,
extension and operation of such systems, together with all of the salaries of the
board of public works, its secretary and its employees, shall be paid out of said
fund.
(Code 1958, § 13.11)
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