The purpose of this chapter is to provide a means for North Dakota cities which operate a utility under law for the local distribution of electric energy to secure, by individual or joint action among themselves or by contract with other public or private entities within or outside the state, an adequate, economical, and reliable supply of energy. To accomplish this purpose it is necessary for cities to have the authority, by agreement between two or more of their number, to create a separate municipal corporation with the power and authority to finance and acquire facilities for the generation or transmission of electric energy or interests in those facilities or rights to part or all of the capacity thereof. It is determined that an adequate, economical, and reliable supply of electric energy is essential to the orderly growth and prosperity of communities, and a shortage of electrical energy is inimical to the safety, health, welfare, and prosperity of residents of the state and to the sound growth and development of its communities. Such a shortage exists and is expected to continue and increase because of the difficulty in the operation of municipal generating plants, of achieving economies of size, limiting environmental impacts, and providing for peak loads. Accordingly, it is determined that the exercise of the authority granted herein will benefit the people of the state and serve a valid public purpose in improving and otherwise promoting their health, welfare, and prosperity.