The existing waterworks system and sanitary sewerage system
shall be combined into a single utility to be known and designated
as the "combined waterworks and sewerage system of the Village." Such
waterworks and sewerage system shall be owned and operated by the
Village.
All property, real, personal and mixed, comprising the waterworks
system and sanitary sewerage system is found, determined, and declared
to constitute the properties of the combined waterworks and sewerage
system of the Village.
All improvements and extensions to the waterworks and sewerage
system, either or both, shall be considered as improvements and extensions
to the combined utility. All the properties, assets, obligations and
liabilities of all kinds of the waterworks system and of the 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 the combined utility.