It is declared the legislative intent of the Town Council, pursuant to the enactment of this code, to invoke and exercise all lawful powers vested in or incumbent on the Council of a town to enact ordinances and provide through legislation for the governance of the town and its governmental jurisdiction, including, but not necessarily limited to, the following powers:
(A) All powers vested expressly by the constitution and laws of Indiana.
(B) All general or residual powers conferred on the governing body of a town by IC 36-1-3, 36-1-4, 36-7-2, 36-8-2, 36-9-2 and 36-10-2 or by any other law.
(C) All implied powers incumbent on a municipality through the operation of common law, such as are necessary or dispensable to the purpose for which a municipal corporation is created.
('85 Code, § 1-1-3)