The Board of Water Commissioners, as aforesaid, may make and adopt such bylaws and regulations concerning the management and use of such aqueduct, reservoirs, and appurtenances, not inconsistent with law, as it may deem expedient, including the fixing and collecting of water rates subject, however to the approval of the Public Service Commission as to the amount of said rates outside the Village; and the said water rates so fixed shall, until paid, be and remain a lien upon the premises of the parties so furnished with water in like manner as real estate is by law held for other Village taxes.