(a) A critical situation exists with respect to the present and future supply of electric power and energy in the State of Mississippi;

(b) The cost of energy either purchased at wholesale or generated by said electrical utilities has caused the cost of electricity to consumers to increase dramatically during the past few years;

(c) Many municipalities in the state have for many years owned and operated systems for the generation and/or distribution of electric power and energy to customers in their respective areas and are empowered severally to engage in the generation and transmission of electric power and energy.

(d) Such municipalities owning electric generation and/or distribution systems have an obligation to provide their inhabitants and customers the most adequate, reliable and economical source of electric power and energy in the future that may be available to them;

(e) In order to achieve the economies and efficiencies made possible by the proper planning, acquisition, construction, financing, sizing and location of facilities for the generation and/or transmission of electric power and energy which may not be practical for any municipality acting alone, and to insure an adequate, reliable and economical supply of electric power and energy to the people of the state, it is desirable for the State of Mississippi to authorize municipal electric systems and/or joint agencies created pursuant to this article to jointly or severally plan, acquire, construct, finance, develop, own, operate and maintain electric generation and/or transmission facilities with each other, or any person, firm, association or corporation, public or private, engaged in the generation, transmission or distribution of electric power and energy within this state or any other state, all as may be appropriate to their needs in order to provide for their present and future power requirement for all uses without supplanting or displacing the service at retail of other electric suppliers operating in the state; and

(f) The joint planning, financing, development, ownership and operation of electric generation and/or transmission facilities by municipalities which own electric generation and/or distribution systems or by joint agencies created pursuant to this article and the issuance of revenue bonds for such purposes as provided in this article is for public use and for public and municipal purposes and is a means of achieving economies, adequacy and reliability in the generation and/or transmission of electric power and energy and the meeting of future needs of the state and its inhabitants.