Be it further enacted, That the city shall have the authority to own or operate any public utility, including but not limited to electric, water, gas, transportation, and telephone systems, to construct and install all facilities that are reasonably needed, and to lease or purchase any existing utility properties used or useful for such utility service. The city may also furnish service in adjacent and nearby communities and areas beyond its corporate limits which may be conveniently and economically served by a city-owned utility, subject to agreements with residents of such communities and areas and any provisions of general laws.
Before constructing or acquiring a new utility, an election shall be held in which all qualified voters of the city may vote in a special election called for the purpose or in a regular city election as provided by resolution and following at least thirty (30) days published notice in the official city newspaper, and such proposed construction or acquisition and the issuance of bonds therefor shall be authorized only after a favorable vote of at least a majority of the votes cast thereon.