(1) All districts organized under this chapter shall have the right of eminent domain in order that they may carry out the purposes of their creation.
(2) This right shall be exercised in the same manner as in the case of railroad, telegraph, and telephone companies, but without the necessity of making a deposit of money before entering into possession of the property condemned.
(3) Nothing in this chapter shall be construed to authorize any property owner improvement district to issue or sell revenue bonds or use the proceeds thereof to purchase, condemn, or otherwise aquire a utility generating plant, transmission or distribution system owned or operated by a regulated public utility.