Any member city of a municipal energy agency may enter into a contract with such agency for a period not exceeding 40 years providing for: (a) The planning or study of any project; (b) the provision of services relating to the energy system of the city; or (c) the purchase of electricity or other energy from such agency on either a firm or standby basis, or both, upon such terms and conditions as the parties shall deem reasonable including provisions requiring payment whether actually received or not and provisions requiring the contracting city to pay a proportionate amount of deficits with respect to a particular project.
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