§8-19-10. Operating contract.
Any such municipality or county commission may enter into
contracts or agreements with any persons for (1) the repair,
maintenance and operation and management of the facilities and
properties of said waterworks or electric power system, or any part
thereof, or (2) the collection and disbursement of the income and
revenues therefor, or for both (1) and (2), for such period of time
and under such terms and conditions as shall be agreed upon between
such municipality or county commission and such persons. Any such
municipality or county commission shall have plenary power and
authority to provide in the ordinance or order authorizing the
issuance of bonds hereunder, or in any trust indenture securing
such bonds, that such contracts or agreements shall be valid and
binding upon the municipality and county commission as long as any
of said bonds, or interest thereon, is outstanding and unpaid.