The City may own and operate any gas, water, heat, power, light, telephone, cable communications or other public utility for supplying its own needs for utility service, or for supplying utility service to private consumers or both. Subject to applicable law, it may construct all facilities reasonably needed for that purpose and may acquire any existing utility properties so needed; but no proceedings to acquire such public utility shall be consummated unless the City has the money in the treasury to pay for acquisition or has made provision for paying for the property proposed to be acquired. The operation of all public utilities owned by the City shall be under the supervision of the Council.