(A) The municipality owns and operates the Municipal Water Department for the purpose of defraying the cost of the care, management and maintenance of the Municipal Water Department. The Village Board of Trustees may each year levy a tax not exceeding the maximum limit prescribed by state law on the actual valuation of all real estate and personal property within the corporate limits that is subject to taxation.
(B) The revenue from said tax shall be known as the Water Fund and shall remain in the custody of the Clerk-Treasurer. The governing body shall set rates to be charged for services rendered by ordinance and shall file a copy of the rates in the office of the Clerk-Treasurer for public inspection at any reasonable time. The water billing procedure is located in Ch. 50.
(Prior Code, § 3-101)