(a) Local improvement districts may be organized in cities having more than ten thousand (10,000) inhabitants according to the federal census under the provisions of this chapter for the purpose of installing electric streetlights within the district and of supplying the lights with electric current.
(b) The commissioners of the district are authorized to purchase, construct, and install the necessary columns, fixtures, wiring, conduits, and other appliances and to maintain them.
(c) Districts may make contracts with municipalities, companies, or individuals supplying electricity for furnishing the necessary electric current during a period not exceeding twenty-five (25) years.
(d) The district shall not cease to exist when the work is completed, and the improvement shall not be turned over to the city, but the district shall be operated by the commissioners thereof, to the end that the electric columns, wiring, fixtures, conduits, and other appliances may be kept in good condition and the electric current paid for out of the local assessments upon the property benefited.