The Water Works System and the Sewerage System in the Village shall be maintained and operated together as a combined' Water Works and Sewerage System, and hereinafter in this Chapter where the term Department is used, it shall be considered to mean the combined Water and Sewer Department, unless the context clearly indicates otherwise.
A charge shall be made to the residents of the Village which shall be reasonable for the use and service of such Water Works and Sewerage System, and such charges or rates for that purpose shall be established, and such rates shall be sufficient to pay the costs, maintenance, operation, depreciation and payment of the principal and interest on any revenue bonds that may be issued by the Village for the construction, installation, repairing and improving of said combined System.