12-2702.   Contracts for common supply of water.Two or more municipalities, or one or more municipalities and one ormore corporations, are hereby empowered to enter into a contract, contractsor a series of contracts, from time to time, to provide for a common supplyof water, including joint acquisition, construction, operation andmaintenance of any and all sites, rights of way, easements, other interestsin real property, equipment and facilities necessary for, or used inconnection with, the procuring and transportation of water to the saidmunicipalities and their customers. Such contracts for a common supply ofwater shall provide for the method of acquisition or construction of thecommon supply; the management and operation of the system; the method offixing the proportionate share of each participating municipality andcorporation and of making contributions; the method of making annualadjustments of the proportionate shares of the annual cost and expense; themethod of collection of water rates and other charges, and enforcementthereof; the fixing of rate schedules and other charges; the adoption ofrules and regulations governing the operation of the system and theconditions of sale; the adjudication of disputes and all other mattersnecessary to effectuate such an arrangement.

      History:   L. 1955, ch. 87, § 2; April 14.