The amounts received from the collection of charges authorized
by this chapter shall be credited to a sanitary sewerage account that
shall show all receipts and expenditures of the sewerage system. Charges
collected for replacement expenses shall be credited to a segregated,
nonlapsing replacement account. These funds are to be used exclusively
for replacement. When appropriated by the Village, the credits to
the sewerage account shall be available for the payment of the requirements
for operation, maintenance, repairs, and depreciation of the sewerage
system consistent with Chapter NR 162 of the Wisconsin Administrative
Code. Any surplus outside the purview of Chapter NR 162 of the Wisconsin
Administrative Code in said account shall be available for the payment
of principal and interest of bonds issued and outstanding, or which
may be issued, to provide funds for said sewerage system, or part
thereof, and all or a part of the expenses for additions and improvements
and other necessary disbursements or indebtedness, and the Village
may resolve to pledge each surplus or any part thereof for any such
purpose. All present outstanding sewer system general obligation bonds,
including the refunding bonds, shall be paid for this fund as to both
principal and interest.