(a) Any two (2) or more public agencies may enter into agreements with each other for joint action pursuant to this part. Concurrent action by ordinance, resolution or otherwise of the governing bodies of the participating public agencies shall constitute joint action.

(b) Each such agreement shall specify its duration, the proportionate interest that each public agency shall have in the property, facilities, and privileges involved, the proportion to be borne by each public agency of preliminary costs and costs of acquisition, establishment, construction, enlargement, improvement, and equipment of the airport or air navigation facility, the proportion of the expenses of maintenance, operation, regulation and protection thereof to be borne by each, and such other terms as are required by this section.

(c) The agreement may also provide for:

(1) Amendments thereof, and conditions and methods of termination of the agreement;

(2) The disposal of all or any of the property, facilities and privileges jointly owned, prior to or upon the property, facilities and privileges, or any part thereof, ceasing to be used for the purposes provided in this chapter, or upon any such disposal, and of any funds or other property jointly owned and undisposed of;

(3) The assumption or payment of any indebtedness arising from the joint venture that remains unpaid upon the disposal of all assets or upon a termination of the agreement; and

(4) Such other provisions as may be necessary or convenient.