Section 453. Sewer rent fund

Revenues derived from sewer rents, including
  penalties and interest, shall be credited to a special fund, to be known
  as the "sewer rent fund. " Moneys in such fund  shall  be  used  in  the
  following order:
    1.  For the payment of the costs of operation, maintenance and repairs
  of the sewer system or such part or parts thereof for which sewer  rents
  have been established and imposed.
    2.  For the payment of the interest on and amortization of, or payment
  of,  indebtedness  which  has  been  or  shall  be  incurred   for   the
  construction of the sewer system or such part or parts thereof for which
  sewer  rents have been established and imposed (other than indebtedness,
  and the interest thereon, which is to be paid in the first instance from
  assessments upon benefited real property).
    3. For the construction of sewage treatment and  disposal  works  with
  necessary   appurtenances   including   pumping  stations,  or  for  the
  extension, enlargement, or replacement of, or additions to,  such  sewer
  systems, or part or parts thereof.
    Such  revenues  from  sewer rents shall not be used (1) to finance the
  cost of any extension of any part of a  sewer  system  (other  than  any
  sewage   treatment  and  disposal  works  with  necessary  appurtenances
  including pumping stations) to serve unsewered areas if  such  part  has
  been  constructed  wholly  or  partly  at  the  expense of real property
  especially benefited, or (2) for the payment of the interest on, and the
  amortization of, or payment of, indebtedness which is to be paid in  the
  first instance from assessments upon benefited real property.