(a) The commissioners on boards of improvement for water and electric light improvement districts in cities of the first class shall control and manage the affairs of the district until the bonds issued to pay therefor and all other indebtedness have been retired. At that time, they shall turn over the works to the city council or other governing body of the city, together with any and all cash on hand, bonds, or other securities, resulting from the operation of the water or electric light plant.
(b)
(1) As long as the commissioners continue to operate the water and electric light districts, they shall make an annual report to the city or town council showing, in detail, all receipts and disbursements made by them.
(2)
(A)
(i) As long as they continue such operation, they shall have the right to fix the rates to be paid by consumers of water and electric light or power.
(ii) The rates shall be fixed as nearly as possible at amounts which will pay the bonds of the district as they mature, so as to relieve the real property of the district as far as possible from the burden of taxation therefor.
(B)
(i) From the rates fixed by the board, any property owner may take an appeal to the circuit court of the county, which shall confirm or set aside the rates as it finds just.
(ii) If it sets aside rates fixed by the board, it shall itself fix rates which will be reasonable and adequate for the purposes prescribed.