(1) The authority is hereby authorized, whenever desirable by its board, to enter into contracts, agreements or other arrangements with any county, city or utility district regarding a system, any wastewater facility or any wastewater service of the authority. Any such contract or agreement may extend for any period not exceeding forty (40) years from the date thereof.
(2) Any county, city or utility district seeking to enter into such agreement with the authority shall have the same rights and liabilities as it would otherwise have in entering into a similar agreement with a wastewater treatment authority as provided by title 68, chapter 221, part 6.