The City shall have the power to own and operate any public utility, to construct and install all facilities that are reasonably needed, and to lease or purchase any existing utility properties used or useful to public service. The City may also furnish service to adjacent and nearby territories which may be conveniently and economically served by the municipally-owned and operated utility, subject to the limitations of the provisions of the general laws of this State. The council may provide by ordinance for the establishment of such utility and provide for its regulation and control and the fixing of rates to be charged. The Council may by ordinance provide for the extension, enlargement or improvement of existing utilities, and provide reasonable reserves for such purpose.