(a) All cities and incorporated towns in the State of Arkansas are authorized to grant the United States of America the right to alter or relocate any portion of a municipally owned waterworks or sewer system in connection with the construction, development, operation, or maintenance of any flood control or other public project being constructed, operated, developed, or maintained by the United States of America, upon such terms and conditions and for such consideration as the cities or towns may determine to be just and proper.
(b) The cities or towns of each county of the State of Arkansas shall have power to execute any and all contracts, deeds, easements, subordination agreements, and other instruments of conveyance as may be required in or convenient to the exercise of the powers granted in this section, whether those powers are held in a governmental or proprietary capacity.