(1) A ledger account for each unit of real property in the county reflecting a complete tax record for a ten-year period, beginning with the year the system is installed;

(2) The ledger accounts shall be housed in a steel locker that shall be closed and securely locked at the end of each day's business;

(3) The ledger account shall have sufficient space to enable the name of the record owner at the time of the installation of the system to be shown, and ten (10) lines for the names of subsequent owners, a correct legal description of the unit of property assessed, the year for which the tax is charged, the assessed valuation for state and county purposes, the tax charged and the total thereof, the assessed benefits against the property in special improvement districts, a symbol referring to designated special improvement districts in which the property is located, the date of payment of all taxes, the number of the receipt to be issued, and a two-year delinquent tax record;

(4) The system shall also provide an index which will enable a machine operator, the county collector, county clerk, or county assessor, or any other individual to instantly refer to any unit of property by legal description or by the name of the record owner;

(5) The tax statement, installment receipt, total receipts, office copy of tax receipts, posting of tax ledgers, including the valuation and the tax charged, and the proof of work shall all be done by an accounting machine at one (1) time which shall enable the operator to mail a complete tax statement to the taxpayer and file a duplicate copy alphabetically in a steel locker for safekeeping;

(6) Collection statements shall be posted from office copies compiled from the unit tax ledger accounts; and

(7) Upon installation of such a system, a predetermined total of all valuation of the property in the county as assessed by the county assessor for taxation and exemption shall be ascertained and constantly maintained through control accounts for each fund, and the purpose for which each tax has been levied, shall be charged.