It is determined and declared as a matter of legislative finding that:
(1) Operation of electric utility systems by municipalities and the improvement of the systems through joint action in the fields of the generation, transmission and distribution of electric power and energy is in the public interest;
(2) There is a need in order to ensure the stability and continued viability of the municipal systems to provide for a means by which municipalities which operate the systems may act jointly in all ways possible, including development of coordinate bulk power and fuel supply programs;
(3) The establishment by municipalities which own or operate electric utilities of municipal electric companies will facilitate such joint action and will thereby aid in the stability and continued viability of such municipally owned or operated electric utilities.
Therefore, it is declared to be the policy of this State to promote the welfare of the inhabitants thereof by authorizing municipally owned or operated electric utilities to establish bodies corporate and politic to be known as “municipal electric companies” which shall exist and operate for the purposes contained in this chapter. Such purposes are declared to be public purposes for which public money may be spent and private property may be acquired by the exercise of the power of eminent domain.