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(1) A metropolitan water district may:
(a) contract with one or more corporations, public or private, for the purpose of:
(i) financing acquisitions, constructions, or operations of the district; or
(ii) carrying out any of the district's powers;
(b) in a contract under Subsection (1)(a), obligate itself severally or jointly with the other corporation or corporations; and
(c) secure, guarantee, or become surety for the payment of an indebtedness or the performance of a contract or other obligation incurred or entered into by a corporation whose shares of stock the district has acquired.
(2) A contract under Subsection (1)(a) may:
(a) provide for:
(i) contributions to be made by each contracting party;
(ii) the division and apportionment of:
(A) the expenses of acquisitions and operations; and
(B) the contractual benefits, services, and products; and
(iii) an agency to make acquisitions and carry on operations under the contract; and
(b) contain covenants and agreements as necessary or convenient to accomplish the purposes of the contract.