The Village shall have all powers to organize and maintain a police department and a fire department, granted to municipalities by the constitution and the laws of Ohio including all statutes now or hereafter enacted, and it is the desire and intent of the people of the Village that the police department for the Village shall be known as the Indian Hill Rangers. By reason of such powers or otherwise, the Village shall have power to enter into contracts obligating Ohio corporations, not for profit, to render for periods not exceeding 10 years any or all police services within the jurisdictional limits of the Village, including the preservation of the peace, the protection of persons and property and the obedience and enforcement of ordinances and all criminal laws, and also any or all fire protection services within the territorial limits of the Village, including the protection of lives and property in case of fire. Each contract shall provide that any provision thereof may be modified by mutual agreement for the purpose of improving or extending the services to be rendered; and that it may be terminated before expiration, by a vote of at least five members of Council if public safety is endangered because of any inadequacy of the services, or by a resolution proposed by initiative petition and approved by a majority of the electors voting thereon. Council may negotiate and agree upon all other details of each contract, including the amounts payable thereunder, and may cause the properly qualified employees of the corporations, respectively, to be vested with all the powers granted to the members of police or fire departments of municipalities by the laws of Ohio including all statutes now or hereafter enacted.