Every city or town shall have the power to contract with electric and communication utilities for the conversion of existing overhead electric and communication facilities to underground facilities including all work incidental to such conversion. Such contracts may include, among other provisions, any of the following:

(1) For the supplying and approval by electric and communication utilities of plans and specifications for such conversion;

(2) For the payment to the electric and communication utilities for any work performed or services rendered by it in connection with the conversion project;

(3) For the payment to the electric and communication utilities for the value of the overhead facilities removed pursuant to the conversion;

(4) For ownership of the underground facilities by the electric and communication utilities.