194:21-a Long-Term Contracts. –
The school districts of the state may enter into a contract with each other for the establishing and maintaining jointly a high school for the benefit of their pupils and may raise and appropriate money to carry said contracts into effect. The school boards of said districts, acting jointly or otherwise, shall have the authority and perform such duties in relation to schools so maintained as may be provided for in the contracts. The term of any such contract may be for a term not to exceed 20 years from the date of the contract. In entering into such contract either of said school districts may bind itself to the payment of tuition for the entire term of the contract and may also bind itself to annual payments on account of capital investments.