1. The board of directors may: (a) Generate, produce, transmit and sell electric power or electrical energy in any form in furtherance of the purposes of this chapter. (b) Acquire or contract for the delivery of electric power and electric power or transmission lines. 2. In any irrigation district having a reservoir or reservoirs for the storage of water with a capacity of less than 250,000 acre-feet, the board may not acquire or contract for the construction or acquisition of electric power or transmission lines at a cost exceeding the sum of $50,000 without first obtaining the approval of the electors of the district at a special election, district election or primary or general state election. 3. In any irrigation district having a reservoir or reservoirs for the storage of water with a capacity of 250,000 acre-feet or more, the board may not acquire or contract for the construction or acquisition of electric power or transmission lines at a cost exceeding the sum of $100,000 without first obtaining the approval of the electors of the district at a special election, district election or primary or general state election.
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