To the extent not preempted by federal or state law, the Board of Airport Commissioners and Board of Harbor Commissioners have the power to:
(a) regulate and control all public service and public utilities operated in connection with Departmental Purposes;
(b) to fix the proper franchise or license fees to be paid to the department by any public service or utility; and
(c) to fix and regulate the rates, tolls and charges to be charged and collected for services furnished by any public service or utility.
The board shall have the right to have reasonable access to and to examine all records showing the transactions, and financial condition of the operators of a public service or utility and to require reports from the operators as the board may prescribe. The amounts of the franchise or license fees to be paid to the department by any operator of a public service or utility, and the rates, tolls and charges to be charged and collected for services furnished or supplied by a public service or utility shall be fixed by the board by order, subject to approval or modification by the Council by ordinance.