Power to supply water and make regulations

(a) Supply of water.--Boroughs may supply water for the use of the public within the borough by constructing or purchasing and operating a water system, by entering into contract with persons or corporations authorized to supply water within the limits of the borough or partly by constructing or purchasing and operating a water system and partly by entering into a contract. (b) Regulations.--Council may make regulations for the protection of water pipes, reservoirs and other apparatus used in the supplying or storing of water, for the prevention of the waste of water supplied and for the drilling of water wells within the borough. (c) Rates.--Council shall fix the rates to be charged for the water furnished to individuals, partnerships, associations or corporations and shall provide for the collection of water rents from users of water supplied by the borough. The borough's provision of water to users outside the borough limits as to character of service, extensions and rates shall be subject to any applicable approval, regulation or control imposed by 66 Pa.C.S. Pt. I (relating to Public Utility Code).