The water pipe from one building to the other, IMHO is the same thing as IF this is a water service from the street, IF it is in the ground between structures.
This is where I see the difference between Bonding the GEC's at One point, or each GEC Bonded at separate locations: if the Second Building is fed via an Earthed Cold Water Line, or is it fed via a Cold Water Line mounted on hangers.
The latter (Cold Water Line mounted on hangers) seems more likely of an Installation; as it is the norm for most Projects I have had the pleasure to contend with.
So, IMHO, if the Cold Water Line to the Second Building / Service is installed >10 Feet in the Ground (Earthed), then termination of the GEC within 5 Feet of the point where it comes out of the Ground would be compliant - with Supplemental Electrode(s) Bonded to the Second Location as well as the First Location; otherwise, the GEC from the Second Service would need to be run to the POE (Point Of Entrance).
Does this sound right, or am I missing the point???
(or should I wear a Hat, to
"Cover My Point" )
--Scott (EE)