Said commissioners shall make a monthly report to the council of the borough or incorporated town of the receipts and disbursements during the preceding month; and annually make a detailed report of the condition of said water-works, which shall be published by the council of said borough or incorporated town for the information of the public. Said commissioners shall cause all moneys collected to be deposited weekly by the collectors with the borough treasurer, who shall return a receipt therefor to the said commissioners. All moneys so collected shall be kept in a separate fund, and shall be used for the purpose of repairing, maintaining, and extending said water-works, the erection of new water-works, or the payment of any indebtedness on said water-works, and for no other purpose. No money shall be drawn from said fund except upon order countersigned by the president and secretary of said commission.