Section 2880-A. Contracts for the financing of local water supply systems

Notwithstanding any other provisions of this title or the provisions  of
  any  general,  special  or  local  law,  any  public benefit corporation
  created pursuant to article five of this chapter which is authorized  by
  law  to  produce,  develop,  distribute  and sell water, water services,
  facilities and commodities shall have the power:
    1. to enter into contracts, with any entity specified  in  subdivision
  two  of this section, providing for the financing of the acquisition and
  construction of  improvements  to  the  water  supply  system  or  water
  distribution  system  of  such  entity,  the terms of which may include,
  among other provisions, provisions requiring  such  entity  to  purchase
  water  only from such public benefit corporation during the term of such
  contract, which term shall be limited to the lesser of (a) thirty  years
  or  (b)  the  probable  useful life of the items for which any bonds are
  issued by such public benefit corporation to finance the acquisition and
  construction of improvements  to  such  water  supply  system  or  water
  distribution system, and
    2.  to  issue  bonds,  in accordance with the applicable provisions of
  this  chapter,  to  finance  the   acquisition   and   construction   of
  improvements  to  any  water  supply system or water distribution system
  owned by any water authority, municipality, county, town, village, water
  district or Indian tribe to which such  public  benefit  corporation  is
  authorized by law to furnish water.