A. Effective January 1, 1991, the funds presently known as the water fund and sewer fund are abolished, and in their place is established a single combined fund to be known as the water-sewer fund into which fund revenues pertaining to the city water system and the city sewer system shall be placed and from which fund expenditures relating to the city water system and city sewer system shall be made.

B. The city clerk and city treasurer are authorized and directed to transfer from the existing water fund and sewer fund into the water-sewer fund any and all remaining funds held in the water fund and the sewer fund.