The governing body of any other city, town or school district in a county in which a city-county park and/or recreation system has been established is authorized to contract with the City-County Park and Recreation Commission, subject to the approval of the governing body of the city and the board of county commissioners, to bring such other city, town or school district into the city-county park and/or recreation system, upon such terms as may be mutually agreed upon, and for that purpose may lease to the City-County Park and Recreation Commission any recreational facilities or property which such other city, town or school district may own, may include in its annual budget appropriations for participation in the city-county park and/or recreation system, and shall pay over to the city-county park and/or recreation system funds so appropriated, which funds shall be combined with the funds of the city and county and expended in the same manner as herein provided for the expenditure of such funds.