For the purpose of successfully organizing, establishing, and operating its waterworks, and making such improvements as may be necessary, such municipal corporation is authorized and empowered to purchase, take, and hold real and personal estate; levy and collect such taxes upon the ratable estate of the municipal corporation as is necessary for the payment of municipal corporation water department expenses and indebtedness; issue its negotiable bonds in such sums and payable at such times and places as may be deemed advisable, for the purpose aforesaid only; and borrow such money from time to time as may be necessary to enable the water department to carry on the work of adequately supplying the municipal corporation with water.