(3) All monies which may be raised by way of sewerage tax by the Castries Sewerage Authority shall be applied, firstly, in keeping in order and maintaining the sewerage works within the area of the city of Castries, and a distance of half a mile from the limits thereof; secondly, in payment of the interest of the loan raised for the construction of the said works; thirdly, in payment of the sinking fund on such loan in terms of the Loan (Economic Development) Act, 1957; fourthly, in payment to the Government of the amount expended by the said Government for maintenance of the said works up to the date of the transfer of the said works to the Castries Sewerage Authority, and lastly, in the creation of a reserve fund for the purpose of meeting the cost of alterations, extensions, renewals and extraordinary repairs to the said works.