Coastal municipalities which share a common boundary along their public waters may enter into a binding memorandum of agreement allowing for harbormasters and other officials charged with enforcement of harbor management plan harbor ordinances from one coastal municipality to enforce the harbor ordinances of the bordering coastal municipality upon the public waters of the bordering coastal municipality when the coastal municipalities have harbor management plans approved by the coastal resources management council and the memorandum of agreement is approved by the respective town or city councils. This binding memorandum of agreement shall specify how each coastal municipality is to receive any fines collected under this reciprocal enforcement agreement and the jurisdiction in which any disputes arising out of this reciprocal enforcement agreement shall be litigated.