53 Pa. Stat. § 2961
The several cities and boroughs of this commonwealth, desirous of owning and operating the waterworks, plants, or system for the supplying of water to any such municipality and the inhabitants thereof, which waterworks, plants, or system is now, or may hereafter be, owned by a private corporation, firm, or individual, may petition the court of common pleas of the proper county, setting forth that the said municipality is desirous of owning said water plant or system, owned by such corporation, firm, or individual, and that it will be necessary, in order to make payments therefor, to issue bonds, secured by such plant or system of waterworks, and that therefore a value should be placed upon such waterworks, plant, or system, including all property, real or personal, used in connection therewith and reasonably necessary for its purposes.
53 P.S. § 2961