(a) The Board of Supervisors, with the approval of a majority of the voters present and voting at a special District meeting called and warned for that purpose, may establish and provide for a sinking fund that shall serve and be used exclusively as a debt service reserve fund for the retirement of bond issue or other debt. When so established, it shall be kept intact and separate from other monies at the disposal of the District, shall be accounted for as a pledged asset for the purpose of retiring the obligations, and shall not be appropriated or used for the current expenses of the District.
(b) The cost of payments to a sinking fund established pursuant to subsection (a) of this section shall be included in the annual budget of the District and shall be allocated among the member municipalities as provided in section 404 of this charter, unless otherwise provided by applicable law and in the vote authorizing the same.