Authorizing and providing for municipal utilities to enter into joint ventures with other municipal utilities, municipal power agencies, cooperative associations or investor owned utilities to provide retail electric utility services within the boundaries of exclusive electric service territories, subjecting terms and conditions of the joint ventures to ratification by the governing bodies of the respective utilities and providing for organization, powers and duties; authorizing retail electric customers to elect subjection to electric rate regulation by the public utilities commission (PUC); providing for construction of the provisions(mk)