1. (1) A metropolitan water district may:

   1. (a) contract with one or more corporations, public or private, for the purpose of:

      1. (i) financing acquisitions, constructions, or operations of the district; or
      2. (ii) carrying out any of the district's powers;
   2. (b) in a contract under Subsection (1)(a), obligate itself severally or jointly with the other corporation or corporations; and
   3. (c) secure, guarantee, or become surety for the payment of an indebtedness or the performance of a contract or other obligation incurred or entered into by a corporation whose shares of stock the district has acquired.

2. (2) A contract under Subsection (1)(a) may:

   1. (a) provide for:

      1. (i) contributions to be made by each contracting party;

      2. (ii) the division and apportionment of:

         1. (A) the expenses of acquisitions and operations; and
         2. (B) the contractual benefits, services, and products; and
      3. (iii) an agency to make acquisitions and carry on operations under the contract; and
   2. (b) contain covenants and agreements as necessary or convenient to accomplish the purposes of the contract.

Enacted by Chapter 329, 2007 General Session