Section 77-5-405 - Powers of municipalitiesEvery municipality shall have power and is hereby authorized:
(a) To acquire, improve, operate and maintain within and/or without the corporate or county limits of such municipality, without respect to the limitation of any other law, and (with the consent of such other municipality) within the corporate or county limits of any other municipality, an electric plant, and to provide electric service to any person, firm, public or private corporation, or other user or consumer of electric power and energy, and to charge therefor.(b) To acquire, improve or use jointly with any other municipality a transmission line or lines or generating plants together with all necessary and appropriate facilities, equipment and appurtenances, for the purpose of generating or transmitting power and energy and/or connecting their respective electric plants with a wholesale source of supply, and to this end such municipalities may provide by contract for the method of holding title, for the allocation of responsibility for operation and maintenance, and for the allocation of expenses and revenues.(c) To accept grants, loans, or other financial assistance from any federal agency, for or in aid of the acquisition or improvement of any electric plant.(d) To contract debts for the acquisition or improvement of any electric plant, to borrow money, to issue its bonds to finance such acquisition or improvement and to provide for the rights of the holders of the bonds and to secure the bonds as hereafter provided in this article, and to pledge all or any part of the revenues derived from electric service to the payment of such debts or repayment of money borrowed.(e) To assess, levy and collect unlimited ad valorem taxes on all property subject to taxation to pay such bonds, and the interest thereon.(f) To acquire, hold and, subject to the applicable provisions of any bonds or contracts, to dispose of any property, real or personal, tangible or intangible, or any right or interest in any such property in connection with any electric plant, and whether or not subject to mortgages, liens, charges, or other incumbrances; however, no municipality shall dispose of all or substantially all of its electric plant except as provided in Section 77-5-445.(g) To make contracts and execute instruments containing such covenants, terms, and conditions as in the discretion of the municipality may be necessary, proper or advisable for the purpose of obtaining loans from any source, or grants, loans or other financial assistance from any federal agency, including, but without limitation, covenants, terms, and conditions with respect to the acquisition and/or construction of an electric plant or any improvement thereto with money in whole or in part borrowed from or granted by any such federal agency and subject to the provisions of any acts or joint resolutions of the Congress of the United States of America heretofore or hereafter enacted to encourage public works or relieve unemployment; to make all other contracts and execute all other instruments as in the discretion of the municipality may be necessary, proper or advisable in or for the furtherance of the acquisition, improvement, operation and maintenance of any electric plant and the furnishing of electric service; and to carry out and perform the covenants, terms, and conditions of all such contracts or instruments.(h) To enter on any lands, waters and premises for the purpose of making surveys, soundings and examinations in connection with the acquisition, improvement, operation, or maintenance of any electric plant and the furnishing of electric service.(i) To do all acts and things necessary or convenient to carry out the powers expressly given in this article.(j) To make any and all contracts necessary or convenient for the full exercise of the powers herein granted with any natural person, firm, association, corporation, business trust, partnership, body politic, federal agency, or municipality, including, but not limited to (1) contracts for the purchase or sale of electric energy or power, and (2) contracts for the acquisition or improvement of all or any part of an electric plant or plants. In connection with any such contract the municipality may stipulate and agree to such covenants, terms and conditions as the governing body may deem appropriate, including, but without limitation, covenants, terms and conditions with respect to the resale rates, financial and accounting methods, services, operation and maintenance practices, and the manner of disposing of the revenues of the system or systems conducted and operated by the municipality.Codes, 1942, § 5528; Laws, 1936, ch. 185.