A. For payment at or before maturity of the principal of and interest on all water revenue bonds heretofore or hereafter issued by the city for the purpose of the acquisition, construction, improvement and financing of the water system;

B. For payment of the cost of additions to or improvements of the water system; and

C. For payment of the cost of maintenance and the water system; there are levied and assessed upon all premises connected with the water system the water rates and charges as authorized in this chapter and set by city council resolution from time to time for water furnished or available and other services to such premises by the water system.