The city owns and operates its own electrical distribution system for purposes of supplying power to private and public consumers. It may construct and install facilities reasonably needed for that purpose and may lease or purchase any existing properties so needed. It may, in lieu of providing for the local production of electricity, purchase the same wholesale and resell it to local consumers. After any such utility has been acquired, the Council, except as its powers have been limited through establishment of a public utilities commission in the city, shall make all necessary rules and regulations for the protection, maintenance, operation, extension, and improvement thereof and for the sale of utility products.