17B-2a-607. Contracts with other corporations.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A metropolitan water district may:

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

(i)financing acquisitions, constructions, or operations of the district; or

(ii)carrying out any of the district's powers;

(b)in a contract under Subsection (1)(a) , obligate itself severally or jointly with the other corporation or corporations; and

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

(a)provide for:

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

(ii)the division and apportionment of:

(A)the expenses of acquisitions and operations; and

(B)the contractual benefits, services, and products; and

(iii)an agency to make acquisitions and carry on operations under the contract; and

(b)contain covenants and agreements as necessary or convenient to accomplish the purposes of the contract.

Enacted by Chapter 329 , 2007 General Session