§ 111. Contracts. Two or more municipalities are hereby empowered to
enter into a contract to provide for a common supply of water, including
joint acquisition, construction, operation and maintenance. Such
contract shall provide for the method of acquisition or construction of
the common supply; the management and operation of the system; the
method of fixing the proportionate share of each participating
municipality and of making contributions; the method of making annual
adjustments of the proportionate shares of the annual cost and expense;
the method of collection of water rates and other charges, and
enforcement thereof; the accumulation of reserves; the fixing of rate
schedules and other charges; the adoption of rules and regulations
covering the operation of the system and the conditions of sale; the
adjudication of disputes and all other matters necessary to effectuate
such an arrangement.