The Board of Education may enter into an agreement with the County in which the District is located, or with a city, town, or village, wholly or partially, for specific construction projects. Such projects may include acquisition, construction, improvement, extension, repair, remodeling, renovation and financing of sites, buildings, facilities, furnishings and equipment for use of the school district for educational purposes.

Such agreements may provide for the present or future acquisition of an ownership interest in such facilities by the District by means of lease, lease purchase, option to purchase or similar arrangements. In addition, the agreement may provide for a joint venture with the municipal authority to share the costs of acquisition, construction, repair, maintenance and operation of such facilities.

The District may wholly own such facilities or may acquire a partial interest along with an eligible municipal entity with which the agreement was executed.