The board may sell, lease or otherwise dispose of the use of water to persons, public or private corporations, mutual ditch companies and water users’ associations as shall be provided by term contracts, or by contracts for the perpetual use of such water, authorized and entered into by the board of directors; and the board may require that security be given to secure the payments to be made under such contract or contracts. In contracts with public corporations, the security required may be supplied by including appropriate provisions for the levying by such corporations of special assessments to meet annual payments to the district.