It is hereby specified that the project first to be undertaken by the Municipal Authority of Latrobe, Westmoreland County, Pennsylvania, a body corporate and politic, to be duly organized under the Municipal Authorities Act of 1935, P.L. 463, as amended and supplemented, shall be the acquiring, holding, constructing, improving, maintaining, operating, owning and leasing, either in the capacity of lessor or lessee, of waterworks, water supply works and water distribution systems in any or all of the following territories: namely, Latrobe, Derry Township, Unity Township and Ligonier Township, Westmoreland County, Pennsylvania, and in territory contiguous and adjacent thereto, and said Authority shall undertake such other projects permitted and authorized by the laws of the Commonwealth of Pennsylvania as Latrobe may from time to time by ordinance or resolution designate.