If you see water gushing out of your front yard and running down the road, odds are that you have a leak in your water main. That is the pipe that is connected to the main pipe at the street at one end and at your house at the other so that you can get water. Generally, the connection from the water company's pipe to the main that feeds your house is made at the meter, and may have the master water shutoff there. If water is pouring out from your yard and running down the road, who is responsible for paying repair?
In general, it is the city's responsibility to fix a broken water main that is in between the meter and the main feeder pipe in the street. Generally, the meter is placed right inside your property line, but, depending on your lot, how old the area is, and how your building is situated, it may be further out into the street. In that case, it is still up to you to fix it, which means that you will also have to make sure that you have permission from the city to take up part of the street and will need an appropriate contractor to replace the torn up areas of the street, as well as having a plumber to fix the broken main.
Anything in between your house and the meter is your responsibility to repair. If you do have water that is just rushing out of the pipe and down the road, the first thing that you need to do is call the water company. You will want for them to make sure that the water is completely turned off to your house. If the whole house shut off isn't at the meter, the water company will have to come out and turn it off at the meter. You may be responsible for paying for all the water that is pouring out of the pipe, which is why you need it turned off ASAP. You and your water company will likely be able to negotiate something about payment of your bill.
If you come home or wake up to water pouring from your yard, it's important to know who has the responsibiliyu to pay to fix the water main. Knowing that will get it fixed that much faster and your water back on.