(a) The City of Burlington is hereby authorized and empowered to construct and maintain an electric plant for the purpose of lighting the streets, walks, public grounds, and public buildings of the City, and may furnish electric lights and electric power to parties residing within or without the corporate limits of said City upon such terms and subject to such regulations as are provided by law or may be lawfully agreed upon between the contracting parties, subject to the jurisdiction of the Public Service Commission.

(b) Said City is also authorized and empowered to purchase, hold, maintain, and operate from time to time for said purposes, either as an extension, addition, and improvement of the present electric and power plant now owned and operated by said City, and as an addition to the business of the present plant, or as a separate unit, any existing electric or power plant and the lands, buildings, equipment, distribution system, franchises, rights-of-way, business, and goodwill of any such plant now owned or operated by a public utility corporation or individual, or any portion of any such property and business, and may from time to time construct such additions and improvements to said present plant and distribution system of the City and acquire additional lands and buildings for that purpose, as, in the judgment of the City Council, may be required or justified by the growth and development of the business.