The village treasurer shall receive all such revenue from the combined waterworks and sewerage system and all other funds and moneys incident to the operation of the system as the same may be delivered to him and deposit the same in a separate fund designated as the "waterworks and sewerage fund" of the village, and the treasurer shall administer such fund in every respect in the manner provided for by the Illinois Municipal Code, and all laws amendatory thereof and supplementary thereto, in addition to the requirements of an ordinance creating a seven-hundred-fifty-thousand-dollar waterworks and sewerage revenue bonds issuance of 1967. The village treasurer shall be fully covered by a corporate surety bond. (Ord. 1979-7 § 31, 1979)