(A) Systems combined. The existing waterworks system in its entirety, together with all additions, improvements, and extensions thereto that may hereafter be made, and the sanitary sewerage system in its entirety as it is to be acquired, together with all additions, improvements, and extensions thereto that may hereafter be made, of the village are hereby declared to be a combined system, and said combined waterworks and sewerage system shall be maintained and operated as a single utility. A charge or rate shall be established for the use of such combined system, which shall be reasonable and commensurate with the service performed by said combined system, and shall be sufficient to maintain, operate, and provide an adequate Depreciation Fund and pay the principal and interest on any revenue bonds which may be issued, which by their terms are made payable from the revenues of such combined system.
(B) Properties described. All property, real, personal, and mixed, comprising the now-existing waterworks system and sanitary sewerage system, as in the preamble to Ord. 274 on file in the office of the Village Clerk more fully describes, is hereby found, determined, and declared to constitute the properties of the combined waterworks and sewerage system of the village.
(C) Operation as combined utility. From and after the effective date of this section, said existing waterworks system and said sanitary sewerage system shall be owned and operated by the village as a combined utility, and all improvements and extensions to said waterworks or sewerage system, either or both, shall be considered as improvements and extensions to said combined utility; and all the properties, assets, obligations, and liabilities, of all kinds, of said waterworks system and of said sanitary sewerage system existing, outstanding, and accruing or to accrue, shall be held, used, confessed, and acknowledged as the properties, assets, obligations, and liabilities of said combined utility.
(Prior Code, § 8-1-1) (Ord. 274, passed 6-18-1962)