(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.
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