If a borough desires to own and operate a water system owned by any person, firm or corporation, the borough may present its petition to the court of common pleas of the county where the water system is located, setting forth that:
(1) The borough desires to own the water system.
(2) It will be necessary to issue bonds.
(3) A value should be placed upon the water system, including all property, real and personal, used in connection with the water system.
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