(1) Any or all cities may construct, own or operate jointly, in such proportion as they may agree, waterworks and water pipelines, water rights and water.

(2) For the purposes of subsection (1) of this section, the cities may:

(a) Purchase, own, hold, appropriate and condemn land, rights of way, water or water rights in their own names or in the name of a joint or other commission or agency.

(b) Purchase one from the other or others waterworks, water pipelines, water rights or water or any interest therein or in either of them.

(c) Provide joint or other commissions or agencies for construction, operation or control of the matters listed in this section.

(d) Issue, sell or otherwise dispose of bonds or other securities of the city for the purpose of carrying out any of the provisions of this section.