(a) The Village shall have such powers, and the trustees shall have such duties, with reference to any waterworks that are in existence as set forth in 24 V.S.A. chapter 89 or any amendments thereto.

(b) Without limiting the generality of subsection (a) of this section, the trustees shall have the supervision of such municipal water department, and shall make and establish all needful water rates, rules, and regulations for its control and operation.