(1) Any municipality and any county is authorized to own, acquire, construct, reconstruct, extend, equip, improve, operate, maintain, sell, lease, contract concerning, or otherwise deal in or dispose of, or make loans to finance the acquisition, construction, reconstruction, extension, equipment, improvement of, facilities to constitute all or any part of a hydroelectric power project, as defined in § 14-204-102.
(2) Without limiting the generality of the foregoing, any municipality or county is authorized to contract with any regulated public utility for the supplying of electrical energy produced by any such project, upon terms acceptable to such municipality or county.