The city shall possess and hereby reserves to itself all the powers granted to cities by the constitution and general laws of the State of Michigan, by the former charter of the City of Cheboygan, or by any elections heretofore held for the purpose and specifically the city shall retain the powers in regard to ownership of municipal utilities and the issuance of mortgage - revenue bonds granted by Amendment to Act 333, Local Acts 1889 approved and passed at a special election held November 5, 1946 in the City of Cheboygan, to acquire, construct, own, operate, improve, enlarge, extend, repair, and maintain, either within or without its corporate limits, public utilities, including, but not by the way of limitation, public utilities for supplying water, light, heat, power, gas and sewage treatment, and garbage disposal facilities, or any of them to the municipality and the inhabitants thereof; and also to sell and deliver water, light, heat, power, gas, and other public utilities and services, without its corporate limits to an amount not to exceed the limitations set by state law and constitution. In the event of the acquisition of any public utility by the city through purchase of condemnation, the value of such utility shall be based upon physical values only and shall in no event include any item of value predicated upon any franchise granted by the city, good will, or prospective profits. The Council shall have the power to fix, from time to time, such just and equitable rates as may be deemed advisable for supplying the inhabitants of the city and others with water, with electricity for light, heat, and power and with such other utility services as the city may provide.