§ 11-1124 Contracts for purchase and sale of water. 1. The board of water commissioners may contract with the town board on behalf of the town or a water supply, fire alarm or fire protection district thereof, or with the board of trustees of a village or the board of fire commissioners of a fire district, respectively, to furnish water for the extinguishment of fires, including the furnishing, erection, maintenance, care and replacement of fire hydrants, the erection and maintenance of markers therefor, and the removal of snow and ice to provide access thereto, or for sanitary or other public purposes, for any period not exceeding ten years. The amount payable each year under such a contract shall be raised as a part of the expenses of such town or water supply, fire alarm or fire protection district thereof, village or fire district, and paid to the treasurer of the village owning such system of water works. Nothing herein contained shall be deemed to alter or remove any of the limitations, restrictions or procedural requirements provided in sections one hundred eighty-four-a and one hundred eighty-four-b of the town law.

2. The board of water commissioners of any village maintaining its own water distribution system may contract in the name of such village with any public corporation or improvement district which possesses the power to sell a supply of water, for the purpose of purchasing all or any portion of the water supply of such village from such public corporation or improvement district for such period as may be deemed necessary, but not in excess of forty years. The term "public corporation" as used in this subdivision shall mean a public corporation as defined in the general corporations law and also any joint water works corporation formed under the provisions of chapter six hundred fifty-four of the laws of nineteen hundred twenty-seven, as amended.