(a) The municipality by ordinance may vest in the board the power to establish rates and related terms for its municipally owned electric utility system.
(b) The municipality may delegate to the board of trustees all or part of the municipality’s authority to:
(1) exercise the power of eminent domain with respect to property that will be used by, useful to, or required by the utility system; and
(2) issue obligations in the name of the municipality to acquire or construct an improvement to or extension of the utility system or to repair the system.

(c) The municipality may authorize the board of trustees to issue obligations under Subsection (b)(2) without the prior approval of the municipality. The obligations must be payable solely from the net revenue of the utility system.
(d) The municipality may not delegate to the board of trustees the authority to:
(1) levy or collect ad valorem taxes; or
(2) issue obligations that are payable in whole or in part from ad valorem taxes.
(e) The municipality and the board of trustees may jointly provide for the issuance of obligations payable from ad valorem taxes and the utility system’s net revenue by adopting identical provisions in an ordinance or resolution, as appropriate.