The city council shall have authority to prescribe by resolution the rates to be charged for water and sewer service to the customer from time to time and may prescribe the date of billing, a discount for payment within a prescribed period and/or penalty for failure to pay within such period and such further rules and regulations relative to the use and operation of such system as it may deem necessary from time to time. (Ord. 14, sec. 8, 1-17-1966)