(1) Municipal corporations shall have power to provide for, or construct, or acquire works for lighting the streets, alleys, parks, and other public places by gas, electricity, or otherwise; to furnish power to consumers; or to purchase power, gas, or electricity for these purposes from any individual, company, or corporation manufacturing it.
(2) In connection therewith, they may furnish lights and power to private consumers upon just compensation therefor and authorize construction of gas or electric works and street railroads.
(3) Improvement districts created within municipal corporations, or that embrace or include territory therein, which are organized for the purpose of manufacturing, distributing, and selling either gas or electricity shall have the same right granted to municipal corporations to purchase power, gas, or electricity from any individual, company, or corporation manufacturing or distributing it for use in any of their plants or for resale or distribution to their customers or patrons.
(4) The exercise of this right shall not be construed in any way to impair or affect the validity of any bond issue or any other indebtedness of an improvement district.