§ 118-a. Contracts. Any municipality authorized herein to develop a
supply of water for sale is hereby empowered to enter into contracts for
such periods as it may deem necessary but not in excess of forty years.
Such contracts may contain provisions for establishment and revision of
charges for water, for adjudication of disputes and, in return for a
guaranteed minimum consumption by the purchaser, for the application of
conservation methods by the seller when necessary to preserve such
excess.