(1) The first board of trustees elected pursuant to this part 1 shall be elected as follows: One for the period of two years, one for the period of four years, and one for the period of six years; and, at the end of each term, a board member shall be elected for a term of six years. The ballot at the first election shall designate the term for which the candidate is to be elected. (2) Said board shall constitute a body corporate to be known as the "trustees of ............ waterworks", the name of the city or town to be inserted in said title, and shall be a party to all suits, proceedings, and contracts, the same as are municipalities in this state. Said board shall have control of all real estate owned, controlled, or acquired on or after April 15, 1903, by the city or town or any board of trustees or other body used in connection with said waterworks in operating waterworks constructed, including mains, pipes, reservoirs, buildings, machinery, lands, leases, water, water rights and privileges of every kind belonging thereto, and property of every kind and description, and the title to the same shall vest in said board of trustees, and their successors in office, as trustees for the use and benefit of the city or town or part or district of the city or town and the inhabitants and property therein supplied from said waterworks. (3) As soon as said board of trustees organizes, it shall have all the power to manage, repair, control, and extend and have all other powers in and about and over said property to acquire, purchase, and develop water and water rights and to exchange and extinguish the indebtedness growing out of the same or existing as of April 15, 1903, against waterworks possessed by any such city or town on said date. A majority of the trustees shall be a quorum and competent to bind the whole number by act and deed. (4) The question of contracting a bonded debt or for funding or floating bonded indebtedness shall be submitted to the registered electors of the city or town or part or district of the city or town at a special election to be called for voting upon such proposition; except that when the registered electors of any said city or town, prior to the establishment of a board of trustees under this part 1, have authorized by election the acquisition, construction, and operation of a municipal waterworks system and the incurring of indebtedness therefor and indebtedness for such purpose exists after creation of the board, no further election shall be necessary to permit the contracting of additional bonded debt or for funding or floating additional bonded indebtedness for the purpose of carrying out the powers granted under this title to cities or towns regarding waterworks, water rights, and property and the management, maintenance, development, and expansion thereof. (5) The provisions of this part 1 regarding indebtedness and limitations thereon in connection with water and waterworks shall apply to indebtedness created by the board of trustees elected under this part 1 as shall the provisions of other sections of the statutes of this state relating to bonded indebtedness for said purposes. (6) The board of trustees may employ a secretary.
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