An agreement between two or more public agencies, when authorized by their governing authority, to jointly exercise any power common to the contracting parties. The agency or entity provided by the agreement to administer or execute the agreement may be: one or more of the parties to the agreement; a commission or board constituted pursuant to the agreement; or a firm or corporation, including a non-profit corporation designated in the agreement. As a general proposition, there are no new powers, but merely a new procedure for the exercise of existing powers. A Joint Participation Agreement may also refer to a contract between a state Department of Transportation (DOT) and a public transit system for either operating or capital assistance needed for implementation of a transit service project or projects. Each agreement shall include, but not be limited to, a project budget, method of payment, and period of performance.