Any municipality may co-operate with the port authority in the establishment, maintenance and operation of marine terminals within the corporate limits of such municipality, and for such purposes is hereby vested with the following powers which shall be exercised on behalf of such municipality by its governing body by ordinance, in the discretion of such governing body; to

a. Acquire from the port authority marine terminals and property for marine terminal purposes, upon such terms and conditions as may be agreed upon between the governing body and the port authority;

b. Enter into contracts with the port authority for the establishment, acquisition, construction, operation, maintenance and use of marine terminals and property for marine terminal purposes, either by the municipality or by the port authority, upon such terms and conditions as may be agreed upon between the governing body and the port authority, and to do so without advertisement or public notice otherwise than is required for the adoption of the ordinance;

c. Establish, acquire, construct, operate and maintain marine terminals and marine terminal property;

d. Lease, sublease and authorize subleases of marine terminals or marine terminal property, and grant franchises, wharfage rights, licenses and other rights in or to marine terminals or marine terminal property, to third persons for such periods of time and upon such terms as may seem advantageous to the governing body of the municipality, but no such lease or sublease, franchise, wharf rights, license and other rights in or to such marine terminal or marine terminal property to third persons which will afford to such third persons a monopoly of the facilities of such terminal, shall be valid unless first approved by the board of public utility commissioners;

e. Enter into a contract with such port authority providing for the making of a lease to such municipality of any such marine terminal or part thereof, for a term not exceeding fifty years upon such terms and conditions as may be fixed and prescribed in such contract, and accept any lease made in accordance with such contract and do so without making any appropriation prior to the making of such contract except to meet payments required by such lease to be made within one year after the commencement of its term.