From and after the effective date of the ordinance codified in this chapter, the existing waterworks system and the sanitary sewerage system shall be owned and operated by this city as a combined utility, known as the combined waterworks and sewerage system of the city, and all improvements and extensions to the waterworks and sewerage system either or both shall be considered as improvements and extensions to the combined utility. All the properties, assets, obligations and liabilities of all kinds of the waterworks system and of the 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 the combined utility.
(‘82 Code, § 13.04.030)