A municipal authority may set, collect, and, if necessary, modify service rates to provide funds: To pay all or part of the principal and interest on bonds issued under Part II of this subtitle; and To pay for the cost of maintenance, repair, and operation, including overhead expenses and depreciation allowance, of systems constructed under Part II of this subtitle. The service rates shall be: Chargeable against all property served by any system under the ownership of the municipal authority; and Collectible against the owner of the property served, in the same manner as other debts are collectible at law. The municipal authority may set: The time for payment; and The penalties for nonpayment.