It is hereby determined that the public health, safety and welfare of the Borough of Lavallette can be best assured by the operation of a water supply facility by the Borough of Lavallette. The system for water treatment and supply owned and operated by the Borough of Lavallette shall be operated as a municipal water utility for all the purposes of the Local Bond Law, Local Budget Law, Local Fiscal Affairs Law and all other applicable statutes of the State of New Jersey.
The Borough Council is empowered to establish rates, charges, rentals, fees, rules and regulations for the operation of the municipal water utility as may be deemed necessary and shall have complete control and jurisdiction over the municipal water utility created by this chapter.