The treasurer of each municipality and of each sanitary district that finances the cost of a sewerage system or facilities under authority of ORS § 224.310 to 224.420 shall keep collections or assessments for sewerage service separate and distinct from other funds of the municipality and shall withhold from tax receipts not less often than quarterly the full amounts proportionate to the elapsed portion of the tax year that have been levied for the payment of interest on and the principal of the sewerage system bonds of the city or sanitary district. For failure to account for sewerage revenues and taxes as provided in this section, such treasurers shall be liable upon their official bonds. [Amended by 1953 c.287 § 9]

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