(a) A municipality shall have authority to:
(1) Acquire, by gift, grant, purchase, condemnation, or otherwise, all necessary lands, rights-of-way, and property within or without the corporate limits of the city or town; and
(2) Issue revenue bonds to pay the cost of these works and property.
(b) No obligation shall be incurred by the municipality in the construction or acquisition except such as is payable solely from the funds provided under the authority of this subchapter.