The adequacy of the water and sewer user service rates and charges shall be reviewed annually by the certified public accountants for the village in their annual audit report. If, at any time, the rates and charges are not sufficient to pay the costs of operation and maintenance, to provide adequate funds for replacement, and to pay the principal and interest of outstanding bonds and provide bond reserve funds required by bond ordinances, the Village Board of Trustees shall forthwith increase the rates and charges so that the same are sufficient to provide adequate revenues for those purposes.
(1983 Code, § 7-3-4)