The board of directors shall create separate funds, one fund to be known as the construction fund, another fund to be known as the water fund, another fund to be known as the debt service fund, and, if the district provides services for the collection, treatment, or disposal of wastewater, a fund to be known as the wastewater fund. Each such fund shall be identified by the same series letter or letters as the bonds, warrants, notes, debentures, or other evidences of indebtedness of the series. A separate account shall be kept for each construction fund, each water fund, each wastewater fund, and each debt service fund for each project.
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