Two or more public entities that have the authority to engage in the collection, transportation, treatment, or disposal of sewage or the conservation, storage, transportation, treatment, or distribution of water may join together as cotenants or co-owners to plan, finance, acquire, construct, own, operate, or maintain facilities to:
(1) achieve economies of scale in providing essential water and sewage systems to the public;
(2) promote the orderly economic development of this state; and
(3) provide environmentally sound protection of this state's future water and wastewater needs.