The fund for such pension and annuity retirement system shall be created from any or all of the following sources: 1. From the proceeds of the assessments on the wages and salaries of employees, of any such waterworks system, or other municipally owned and operated public utility,eligible to receive the benefits thereof. 2. From the interest on any permanent fund which may be created by gift, bequest, or otherwise. 3. From moneys derived from the operation of such waterworks, or other municipally owned and operated public utility,available and appropriated therefor by the council, board of waterworks trustees, or other board or commission, whichever isauthorized by law to manage and operate such waterworks or other municipally owned and operated public utility. Such money so expended shall constitute an operating expense of such utility.
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