(A) The Village of Elwood (sometimes hereinafter “Elwood” or the “Village”) is a home rule municipal corporation pursuant to Section 6 of Article VII of the Constitution of the State of Illinois;
(B) The village is authorized by statute to establish utility rates for an amount sufficient to “bear all cost of maintenance and operation, to meet interest charges on the bonds and certificates issued on account thereof, and to permit the accumulation of a surplus or sinking fund to meet all unpaid bonds or certificates at maturity" and service charges for late payments ILCS Ch. 65, Act 5, § 11-117-12;
(C) The President and Board of Trustees of Elwood (hereinafter “Corporate Authorities”) deem it is in the best interest of the village to establish water and sewer rates to adequately fund the operation, maintenance, depreciation, reserve account and debt service of the village waterworks and sewerage system and provide water and sewer services to the residents of the village; and
(D) The Village of Elwood is otherwise empowered through its police powers to establish a schedule of municipal fees within its boundaries to protect the lives, public health, morals and general welfare of its residents.
(Ord. 714, passed 3-3-2003)