All income received by the municipality for wharfage, storage, cranage, dockage and all other rates, fees and charges, all rentals from leases, and the gross receipts and income received from the operation by the municipality, or for the rental by it, of any such railroad or railroad system, shall be paid into the treasury of the municipality and applied as follows:

First, to the management and operation, care, maintenance and upkeep of the wharves, docks, piers, slips, basins and other structures, and the operation, care, maintenance, upkeep, management and supervision of any such railroad or railroad system operated by the municipality;

Second, to the payment of interest upon outstanding bonds or other indebtedness of the municipality;

Third, to the payment of the principal of all such bonds and indebtedness; and

Fourth, to the general expenses of the municipality. Any deficiency remaining for payment of all proper expenses in any year, and the yearly interest on and proper yearly provision for the principal of all such bonds and other debts, after application of all revenues received as aforesaid for the year shall be appropriated, levied and raised by taxation.