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The board shall have entire control of the water and electric utilities of the city, and all property connected therewith. It shall be the duty of the board to operate the entire system and make extensions to the same when deemed advisable, and have entire control of all water and electric funds and disbursements thereof and keep an account of the same at all times to show the true cost of the system, its extensions, and yearly operation, the amount of outstanding bonds and current bills, and the disposition of the revenues of the system. The board shall make semi-annual reports to the council and other reports as may be called for by the council