Every municipality has the power:
(1) To sue and be sued and to contract in its corporate name;
(2) To acquire by lease, purchase, gift, condemnation, or other lawful means and hold in its corporate name, or use and control as provided by law, both real and personal property and easements and rights of way within or without the corporate limits for all purposes authorized by law or necessary to the exercise of any power granted;
(3) To provide that supplies needed for the use of the municipality are furnished by contract let to the lowest responsible bidder, except as otherwise provided by law;
(4) To construct, operate, and maintain an auditorium and all public buildings necessary for the use of the municipality;
(5) To insure the public property of the municipality;
(6) To convey, sell, give, dispose of, or lease the personal and real property of the municipality as provided by the laws of this state; and
(7) To perform all administrative and financial functions for all purposes authorized by law or necessary to the exercise of any power granted.