Cities and towns or their agencies owning ratable property devoted to a public use which is located within any other city or town, and such other city or town where such property is located, respectively, are hereby authorized and empowered to enter into agreements from time to time establishing the amount of taxes on such property and the manner or method for determining said amount for a period of time not exceeding ten (10) years at any one time. Such agreements shall be in writing, shall be approved by the city and/or town council, and shall be signed by the mayor, or like officer, on behalf of cities, and by the president of the town council, on behalf of towns, respectively, and such written agreements, when so made and executed pursuant to this act or pursuant to Chapter 1443 of Public Laws of 1929 as amended by Chapter 1779 of the Public Laws of 1931, shall be valid and binding upon the parties.
History of Section.
P.L. 2008, ch. 335, § 1; P.L. 2008, ch. 382, § 1.