SEC. 3.03. PUBLIC UTILITIES COMMISSION.
   Subd. 1 Composition
   The Public Utilities Commission shall be composed of five members.
   Subd. 2 Powers and Duties
   The Public Utilities Commission shall manage the water, gas, steam heat, electric and such other utilities as the Council may direct by ordinance for the production and/or purchase as well as cost of utility services, and the distribution of same to consumers as well as other acts deemed necessary or desirable in the interest of providing for an efficient operation of said utility.
   The Commission shall furnish such water drawn by the City through City hydrants, and electric current used by the City for street lighting, free of charge.
   The Commission shall establish the policies under which the utility shall operate and will yield appropriate sums for depreciation and reserve accounts, and for the retirement of any bond indebtedness incurred by the City for capital expenditures of the Department.
   The Commission shall have the proceeds of such bonds of the City as may be sold to provide funds for its capital expenditures. The Commission may make transfers between funds, except funds established for the payment of bonds and bond interest.
   The President and Secretary shall sign all contracts and orders for payment of monies. In addition, the Commission shall appoint or remove, for cause, personnel as may be required for the efficient operation of said utilities.