From and after the effective date hereof, said existing waterworks system and said existing sanitary sewerage system shall be owned and operated by the Village as a combined utility, known as the combined waterworks and sewerage system of the Village, and all improvements and extensions to said waterworks or 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. 194, 11-9-59)