All money paid to the city pursuant to this chapter shall be paid to the city water fund. All money paid to the city pursuant to this chapter shall be used by the city water utility for any or all purposes permitted by the laws of the State of Washington, including but not limited to purchase of available water rights, processing of applications for new water rights to be added to the city domestic water utility system, the financing of water conservation, and the maintenance and replacement of equipment and existing system components that have the effect of increasing the city’s available water supply.