The said Village of Ludlow is hereby authorized and empowered to contract with any aqueduct or reservoir company from time to time for supplying said Village with water for fire purposes, for watering the streets, and for other public purposes, for such length of time and upon such terms as the Village at its annual meeting or at any special meeting duly called for that purpose shall direct. All contracts made by said Village with said aqueduct or reservoir companies, as provided by the foregoing section shall be legal and binding on said Village, and said Village may vote, levy, and collect taxes for fulfilling such contract or contracts.