(a) This section applies to:
(1) a wholesale contract for:
(A) the sale, purchase, procurement, distribution, or supply of water or conservation storage capacity; or
(B) construction of a navigable canal or waterway; or
(2) a contract authorized under Section 561.003, Local Government Code.
(b) Before entering into a contract under this section, the manager shall publish notice describing the general nature of the contract in a newspaper of general circulation in each county within the authority where the contract is to have effect.
(c) The board may consider and act on a contract at any regular board meeting following the last date of publication of notice required under this section.
(d) The board shall confirm or ratify a contract by a majority vote.
(e) A contract may be the sole basis or a supplement to the basis for securing a bond of the authority.