(a) In each of the cities of the second class and incorporated towns of this state where electric light plants or water plants or sewerage systems or electric light plants and water plants and sewerage systems are owned by any improvement district or districts, or such districts having been paid out and now under control of the city or town council wherein the districts are located, having been constructed or acquired by the district or districts in whole or in part with funds derived from taxes or assessments of benefits against the real property in the improvement district or districts, there may be created a board to be known as “the board of public utilities.”
(b) The board shall have the sole and exclusive control of the maintenance, enlargement, and operations of the plants, subject to the provisions and conditions of this subchapter.
(c) This subchapter shall not apply to districts that have outstanding bonds unpaid.