(a) The Village of Woodstock is hereby authorized and empowered to contract with the Woodstock Aqueduct Company, or any other aqueduct company, from time to time, for supplying the Village with water for fire purposes, for watering the streets, and for other 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.

(b) All contracts made by the Village with the aqueduct company, or companies, as provided for by subsection (a) of this section, shall be legal and binding of  the Village; and the Village may vote, levy, and collect taxes for fulfilling such contract or contracts.