The Village may, at any legally warned meeting, enact and adopt bylaws and regulations concerning the management and use of an aqueduct, reservoirs, and appurtenances, not inconsistent with law, as it may deem expedient, including the fixing and collecting of water rates, and the exaction of bonds from the Collector of the rates for the faithful discharge of the Collector's duty, and the water commissioners are hereby empowered to carry the bylaws and regulations into effect. (Added 1890, No. 87, § 5.)