The said board shall regulate the distribution and use of the water, electricity, gas, and heat in all places and for all purposes where the same shall be required for either public or private use, and fix the price and rates therefore; provided, however, that in the case of fire hydrants for the extinguishment of fires and the public fountains and watering places, the board shall fix and locate the same as the city council of said city may direct. And said board is hereby authorized and required to restrain and prevent any and all wastage of water, and to that end may, when in its judgment necessary, turn off the water, or take such other action as in its judgment may be proper.