A.
The Town Council shall establish the user charge system in accordance with appropriate federal and state laws, rules and regulations and shall further the equitable allocations of the capital and operating costs of the public sewerage system among municipal use and the general public benefit, private use and the availability of use to properties not connected to the system. Subject to these requirements, such charges and any classification thereof shall be fair and reasonable, bearing a substantial relationship to the cost of providing sewage facilities and services to the Town. Such charges shall be at a rate sufficient to approximate 100% of the total annual cost of providing sewage facilities and services to the Town unless the Town Council elects to offset some capital costs from general Town funds. Such charges shall include adequate revenues for renewal and replacement of the wastewater facilities.
B.
The user charge system shall include a financial management system which accounts for sewer system revenues and expenditures.