That portion of the-total user charge collected which is designated for operation and maintenance including replacement and debt service purposes, as established by this chapter, shall be deposited in a separate non-lapsing fund known as the Sewer Utility Fund, and will be kept in two primary accounts as follows:
1. Sewer Utility Account. An account designated for the specific purpose of defraying operation and maintenance costs of the wastewater treatment facilities, including replacement.
2. Capital Projects and Debt Service Account. An account designated for the specific purpose of ensuring replacement and debt service needs over the useful life of the wastewater treatment facilities. Deposits in the Capital Projects and Debt Service Account shall be timely made from the operation, maintenance, replacement and debt service revenue.