67-11-203. Joint exercise of powers. (1) For the purposes of 67-11-203 through 67-11-205, unless otherwise qualified, the term "public agency" includes municipality and authority, each as defined in this title; any agency of the state government and of the United States; and any municipality, political subdivision, or agency of an adjoining state. The term "governing body" includes commissioners of an authority, the governing body of a municipality, and the head of an agency of a state or the United States if the public agency is other than an authority or municipality.

(2) All powers, privileges, and authority granted by this chapter may be exercised and enjoyed by an authority jointly with any public agency of this state and jointly with any public agency of any adjoining state or of the United States to the extent that the laws of such other state or of the United States permit such joint exercise or enjoyment. Any agency of the state government, when acting jointly with any authority, may exercise and enjoy all the powers, privileges, and authority conferred by this chapter upon an authority.

(3) Any two or more public agencies may enter into agreements with each other for joint action pursuant to the provisions of 67-11-203 through 67-11-205. Each agreement shall specify its duration; the proportionate interest which each public agency will have in the property, facilities, and privileges involved in the joint undertaking; the proportion of costs of operation, capital outlay, and maintenance to be borne by each public agency; and such other terms as are considered necessary or required by law. The agreement may also provide for amendments and termination; disposal of all or any of the property, facilities, and privileges jointly owned prior to or at such times as the property, facilities, and privileges or any part thereof cease to be used for the purposes provided in this chapter or upon termination of the agreement; the distribution of the proceeds received upon any disposal and of any funds or other property jointly owned and undisposed of; the assumption of payment of any indebtedness arising from the joint undertaking which remains unpaid upon the disposal of all assets or upon a termination of the agreement; and such other provisions as may be necessary or convenient.