Section 81.
The money arising from the sale of said bonds shall be expended in the construction or purchase of a system of water works, for the purpose of supplying the inhabitants of said town with good and wholesome water for domestic purposes, for fire and power purposes, for the construction or purchase of gas or electric plant for the lighting of said town and heating and power purposes, for the construction of a sewerage system in said town, for the improvement of streets and highways in said town, for the erection of public municipal building in said town, or on land owned by said town, or for either or all of said purposes; provided, that the operating plant or pipe lines of such gas, electric, or water works may be located outside of said town limits of said town or held by said town under perpetual lease or right of way.