Funds derived from the operation of the sewer, water and refuse services shall be deposited in the utility fund of the town to be used for upkeep, maintenance, extensions, repair, payment of interest or principal on any waterworks, sewer or utility bond issued by the town, and for such other uses as the board of trustees of the town may deem proper. The town may deposit a portion of the total monthly revenue into a sinking fund for the express purpose of paying the revenue on a specific bond issue. (1998 Code)