(a) As approved by the majority of the voters of the Village of Bradford, the supervision, management, control, and operation of the Village public water supply system and the Village public sewage system shall be vested in a Board of Water and Sewer Commissioners of the Town of Bradford consisting of five persons, each of whom shall be a ratepayer and resident of the Town of Bradford. The Water and Sewer Commissioners shall be elected as outlined in section 206a of this chapter.

(b) The water system of the Village of Bradford taken over by the Board of Water and Sewer Commissioners of the Town of Bradford and any additions thereto shall be maintained separate from all other departments of the Town, and all rents and revenues therefrom not necessary for current expenditures therefor shall be placed in a special fund, no part of which may be used for any other purpose.

(c) The sewage system of the Village of Bradford (not including the separate storm sewer pipelines) taken over by the Board of Water and Sewer Commissioners of the Town of Bradford and all extensions thereto shall be maintained separate from all other departments of the Town, and all rents and revenues therefrom not necessary for current expenditures therefor shall be placed in a special fund, no part of which may be used for any other purpose.