(a) (1) Participating public agencies are authorized to contribute to a public body created under this subchapter such real and personal property of the participating public agencies as the participating public agencies shall deem necessary or appropriate to the ownership and operation of a consolidated waterworks system by the public body.
(2) However, any contributions of reserve funds held in trust under § 14-73-101 et seq. shall be made on the condition that the funds may be used only for the purposes described in the trust agreement and until so used shall remain in a trust fund complying with the requirements of § 14-73-101 et seq.
(3) Contributions of properties under this section shall be upon such terms and conditions and for such consideration as the participating public agencies may determine to be just and proper, it being within the participating public agencies' discretion to contribute property with or without monetary consideration.
(b) Participating public agencies shall have the power to execute any and all contracts, leases, deeds, bills of sale, easements, assignments, and other instruments of conveyance as may be required or convenient to exercise the powers granted in this section.
Section: Previous 25-20-302 25-20-303 25-20-304 25-20-305 25-20-306 25-20-307 25-20-308 25-20-309 25-20-310 25-20-311 25-20-312 25-20-313 25-20-314 25-20-315 NextLast modified: November 15, 2016