(2) If the contracts or instruments are considered advantageous to the district, the board may enter into contracts and execute instruments as may be necessary:
(a) To transfer property, including excess storage and carrying capacity and surplus water and water rights;
(b) To transfer the right to the use of the quantity of water sold;
(c) To transfer an interest in the reservoir and other irrigation works of the district; or
(d) For the joint management and operation of any or all of the works of the district.
(3) Property of the district that is the subject of a contract or instrument executed under this section must be released from the lien of outstanding bonds of the district prior to the execution of the contract or instrument. [Formerly 545.152]