(a)Any two or more municipalities, as provided in this chapter, may enter into contracts with each other, provided a vote of a majority of those voting at an annual or special meeting warned for that purpose grants authority to the respective legislative branches of each municipality to enter into such contracts, for the purpose of developing real property for industrial, commercial, or residential purposes. These contracts may provide that the respective municipalities be authorized to do the following:
(1)Apportion such sums of money as shall be paid as an annual tax upon such property among said municipalities;
(2)Make application for, receive, or expend State, federal, and private development grants;
(3)Enter into contracts with consultants, engineers, architects, and other experts
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(a) Any two or more municipalities, as provided in this chapter, may enter into contracts with each other, provided a vote of a majority of those voting at an annual or special meeting warned for that purpose grants authority to the respective legislative branches of each municipality to enter into such contracts, for the purpose of developing real property for industrial, commercial, or residential purposes. These contracts may provide that the respective municipalities be authorized to do the following:
(1) Apportion such sums of money as shall be paid as an annual tax upon such property among said municipalities;
(2) Make application for, receive, or expend State, federal, and private development grants;
(3) Enter into contracts with consultants, engineers, architects, and other experts for services;
(4) Enter into contracts pursuant to section 2741 of this title relating to taxation of real and personal property;
(5) Acquire, manage, lease, mortgage, or sell interests in real property;
(6) Borrow money and issue evidence of indebtedness as provided in chapter 53 of this title;
(7) Adopt bylaws to govern its procedures;
(8) Any other matters necessary and proper in attaining the purposes of this section.
(b) If the contract entered into under this section includes the authority to borrow money or issue evidence of indebtedness, the contract shall also specify how the obligations to be incurred will be apportioned and may provide that any obligation incurred by a member municipality shall not affect the limitation of indebtedness of that municipality.
(c) Any contract entered into under this section shall:
(1) be filed with the clerk of the respective municipalities and made available for public inspection;
(2) continue in full force and effect for the term specified therein or until modified by mutual agreement of the legislative branches of each municipality.