All the territory embraced within the limits of said Village is hereby constituted a highway district of the Town of Derby, and three-fourths of all highway taxes assessed upon the ratable estate in said highway district shall be paid in money by the Selectboard of said Town of Derby, to the Treasurer of said Village to be used and applied by the trustees in building, repairing, and sustaining the highways, streets, walks, alleys, sidewalks, and lanes; and if any portion of said tax so paid into the treasury of said Village, in the judgment of the trustees shall not be needed for the purposes above specified, the same may, in the discretion of the trustees, be expended in improving, beautifying, or lighting the streets or commons of said Village, and no highway surveyor shall be required or chosen by the Town for said Village. Said tax shall be paid over by the Selectboard, as aforesaid, on or before the first day of July in each year.