Whenever an industrial plant or other establishment discharges or proposes to discharge industrial wastes into any waters, sewer, drain, watercourse or natural outlet in the city of Chicago, such plant or establishment shall either:
1. Reduce or modify the objectionable characteristics or constituents of such industrial wastes to meet the limits or requirements of Section 18-29-805.2 and to prevent pollution; or
2. Control the quantities and rates of discharge of such industrial wastes over a 24-hour day and a seven- day week to prevent surge discharges which may place an unreasonable burden upon the sewage works on the metropolitan water reclamation district.