(a) 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 find necessary or appropriate to the ownership and operation of a consolidated wastewater system by the public body, provided that:
(1) 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 that complies with the requirements of § 14-73-101 et seq.; and
(2) Any contribution of sales or use tax proceeds held or to be collected by participating public agencies for wastewater uses shall be used only for the uses designated in the ordinance providing for the approval of those funds.
(b) Contributions of properties under this section shall be on the terms and conditions and for consideration as the participating public agencies find just and proper, it being within the participating public agencies' discretion to contribute property with or without monetary consideration.
(c) Participating public agencies may execute 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.