(A) It is hereby found, determined and declared necessary for the best interests of the city that the existing waterworks system of the city and the existing sanitary sewerage system of the city be combined into a single utility to be known and designated as the combined waterworks and sewerage system of the city.
(B) All property, real, personal and mixed, comprising the now existing waterworks system and sanitary sewerage system of the city is hereby found, determined and declared to constitute the properties of the combined waterworks and sewerage system of the city.
(C) Upon the effective date hereof said existing waterworks system and said sanitary sewerage system shall be owned and operated by the city as a combined utility, known as the combined waterworks and sewerage system of the city, and all improvements and extensions to said waterworks and sewerage system, either or both, shall be considered as improvements and extensions to said combined utility; and all the properties, assets, obligations and liabilities of all kinds of said waterworks system and of said 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 said combined utility. (Ord., 1-3-1961)