There is hereby created a sewer and water department of the village. The existing sewerage system and the existing waterworks, supply, storage and distribution system owned and operated by the village, together with all additions, improvements and extensions thereto that may be hereafter made, are hereby declared to be the water and sewer systems of the village, and charges or rates shall be established for the use of the systems, which shall be reasonable and commensurate with the service performed by the systems, sufficient to pay the costs, maintenance, operation, depreciation and payment of the principal and interest on any revenue bonds which may be issued and which, by their terms, are made payable from the revenues of the systems.
(Ord. 76-0-325, passed 11-8-1976)