The governing body of any municipality now or hereafter owning an electric and water system and operating them as one (1) combined system or plant may elect to operate under the provisions of KRS 96.172 to 96.188, in which case, from the time of the exercise of such election and the appointment of a board under said sections, the electric and water system of such municipality shall be operated under the provisions of KRS 96.172 to 96.188 as an electric and water plant.
KRS 96.171