(a) Every agreement or contract entered into by a municipality of this state as authorized in § 14-54-202 shall specify the following:
(1) Its duration;
(2) The precise organization, composition, and nature of any separate legal or administrative entity created thereby, together with the powers delegated thereto, provided such entity may be legally created;
(3) Its purpose;
(4) The manner of financing the joint or cooperative undertaking and of establishing and maintaining a budget therefor, or in the case of an agreement whereby one (1) municipality agrees to furnish specified services or facilities to the other municipality, the financial arrangement therefor;
(5) The permissible methods to be employed in accomplishing the partial or complete termination of the agreement and for disposing of property upon such partial or complete termination; and
(6) Any other necessary and proper matters.
(b) If the agreement does not establish a separate legal entity to conduct the joint or cooperative undertaking, the agreement shall, in addition to subdivisions (1) through (6) enumerated [sic] subsection (a) of this section, contain the following:
(1) Provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking. In the case of a joint board, municipalities party to the agreement shall be represented;
(2) The manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking.
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