Such municipal corporation may establish rates by meter service or annual rents to be charged and paid at such times, and in such manner as such municipal corporation shall determine for the supply of water to the inhabitants of such municipal corporation and others. From time to time, it may alter, modify, increase, or diminish such rates and extend them to any description of property or use as such municipal corporation may deem proper. Such rates or rents may be ordered to be paid in advance, and all necessary orders and provision may be made and enforced by such municipal corporation, relating to the supply or stoppage of water, as it may deem necessary to insure such advance payments.