Any municipal corporation, county, city, town, or village, power district or improvement authority, hereinafter called “municipality,” owning and/or operating or hereafter authorized to acquire and/or operate any electric generation, transmission and/or distribution system, is hereby authorized to contract with the United States of America, any agency thereof, or with any corporation owned by the United States for the acquisition of any such system or part thereof and/or the purchase or sale of electric energy. Such municipality is authorized in any such contract to stipulate and agree to such covenants, terms, and conditions as the governing body or board of the municipality may deem appropriate, including but without limitation, covenants, terms and conditions with respect to the resale rates, financial and accounting methods, service, operation and maintenance practices, and the manner of disposing of the revenues, of any such system, and to comply therewith. Any such contract heretofore entered into and any such covenants, terms or conditions heretofore stipulated or agreed to are hereby expressly validated.
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