The schedule of rates for water service supplied by the city; the application for such water service; the amount of deposit, if any, required as prerequisite to connection with the city water system; the disposition of such deposit; the due date of bills for such water current; the amount of discount, if any, for the prompt payment of such bills; penalty and discontinuance of service upon default in payment; the terms of institution of service upon payment of arrears and all matters in connection with the operation with the city water system shall be in accordance with regulations adopted by the City Council.
('64 Code, § 24-2)