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.