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Municipalities may cooperate, combine, and make contracts with each other and with municipalities in other states in the ownership, construction, acquiring, leasing, operation, and maintenance of electric interurban railways between points in this state, or between points in this state and other states, and electric power or hydroelectric power plants necessary in connection therewith.

The ownership of the interurban electric railway system shall be prorated, allotted, or distributed among the different municipalities that take advantage of the authority granted in this section in proportion to the amount invested by each municipality.  The profit from the operation of electric interurban railways, or the loss sustained thereby, shall be divided in proportion to the amount invested by each municipality.