Section 11-43B-18Limit on duration of contracts; validity of contracts.
No contract involving the payment of money out of the budget of more than one fiscal year shall be made for a period of more than five years, nor shall any such contract be valid unless made and approved by the council and signed in the name of the municipality by the mayor.
(Acts 1985, 2nd Ex. Sess., No. 85-926, p. 213, §18.)