For the purpose of the support of said Water Department, and to ensure the payment of the annual principal and interest upon any water bonds issued by said corporation, the Board of Trustees shall establish rates to be charged and paid by the users of said water, at such times and in such manner as shall be determined by the Board of Trustees, and may, from time to time, alter, modify, amend, increase, or diminish such rates, and extend them to any description of property or use, as the Board of Trustees may deem proper. Such rates shall be chargeable to and may be collected of the owners of the property so supplied, unless otherwise agreed upon by the Board of Trustees and said owners, and shall be a lien and charge upon the buildings, lots, and other property so supplied and may be collected in an action at law in the name of the corporation. The Board of Trustees may order water rents to be paid in advance and may make all necessary provisions and orders relating to the supply or stoppage of water as the Board of Trustees may think expedient to ensure such advance payments.