(a) Any municipality, board, commission, or other authority duly established by any municipality owning and operating any system for the generation, transmission, or distribution of electric power or energy may issue revenue bonds and pledge the revenues derived from the system, whether the revenues are derived from within or beyond the corporate limits of the municipality, as may be permitted or authorized by applicable law, without obtaining the approval of the Arkansas Public Service Commission.
(b) Nothing in this section should be construed to authorize any municipality, board, commission, or authority to issue or sell bonds or use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system or portion thereof owned or operated by a public utility without the consent of the public utility.