Abstract: A recirculating carbonator and beverage dispenser requires only one pump. The system's function can be enhanced by the use of a two position spool valve having a fresh water inlet port, a carbonated water inlet port, and a fluid outlet port commonly connected with a central bore. A spool member is slidably disposed within the bore to selectively interrupt fluid communication between the carbonated water inlet port and the liquid outlet port during the presence of a low water signal generated by a level sensing device within the system's carbonation tank. During the interruption, fresh make-up water is added to the system. The level sensing device includes a body with a longitudinal bore therethrough, an inlet for the constantly flowing fluid, and a venturi tube depending from the body.