In addition to the powers granted a municipality under the laws of the State, any two or more governing bodies may, by resolution or ordinance, determine that it is in the best interest of their municipalities and of their residents and customers to create a Joint Municipal Water System for the purpose of planning, financing, developing, constructing, acquiring, improving, enlarging, selling, leasing, maintaining, and operating a project for other present and future needs of their service areas and of the areas of the State in which they serve. Upon any such determination, any two or more municipalities may form a joint system to plan, finance, develop, enlarge, improve, lease, sell, maintain, or operate a project within this State. Each governing body may make such plans and enter into such contracts in connection with the project not inconsistent with the terms of this chapter which it determines might be necessary or appropriate.

Each municipality may undertake studies of its own to determine whether there is a need for a project or whether such project is feasible.

Additionally, any two or more governing bodies of municipalities may, by resolution or ordinance, determine that it is in the best interests of their municipalities, residents, and customers to create a joint system for the purpose of creating a financing pool.

A joint system may be created for the purpose of planning, financing, developing, constructing, acquiring, improving, enlarging, selling, leasing, maintaining, and operating a project or for the purpose of creating a financing pool, but not for both such purposes.