(a) Any municipal parking authority created pursuant to the provisions of this chapter, is authorized to enter into contracts with any other public agency or with any private person or firm for the operation, maintenance, and management of any one (1) or more off-street automobile parking facilities established by the authority.
(b) Any contract shall be for such term, not to exceed twenty (20) years, and may contain such provisions as shall be approved by the parking authority.
(c) The contract shall be an obligation only of the authority, payable solely from revenues derived from parking facilities under the jurisdiction of the authority, and shall not constitute an obligation or indebtedness of the municipality within the meaning of any constitutional or statutory limitations.
(d) All such contracts entered into prior to June 28, 1985, are ratified and confirmed.