Irrigation districts, through their respective boards of commissioners, may enter into contracts to jointly plan, acquire, construct, operate, maintain, and finance any undertaking in accordance with Title 85, chapter 7, part 16. The contract must specify, if an undertaking is financed under this part:
(1) that the contract cannot be terminated prior to the redemption or cancellation of any bonds issued under it; and
(2) the manner of disposing of the undertaking upon termination of the contract.