All receipts of the board of water supply other than from the sale of bonds shall be deposited daily in a bank by the board and the sums so deposited shall be accounted for and be paid into the county treasury at the end of each month and maintained in a special fund. The board may make appropriations and allowances from the fund for the following purposes:

1. (1) For the payment of the operating and maintenance expenses of the waterworks;
2. (2) For repairs, replacements, additions, and extensions;
3. (3) For accident reserve, pension charges, and compensation insurance;
4. (4) For payment of interest and sinking funds on all bonds issued for the acquisition or construction of the waterworks and extensions thereto and for the reserve fund.

[L 1961, c 155, pt of §1; Supp, §145A-14; HRS §54-24]