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A. There is hereby created a water and sewer department for the village which shall operate the waterworks and sewerage system in the village.
B. A charge shall be made to the residents of the village which shall be reasonable for the use and service of such waterworks and sewerage system and such rates or charges 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 system 1 . (1970 Code §33.1)
1. See chapter 4 of this title.