7-11-105. Detailed contents of interlocal agreements. The contract authorized by 7-11-104 shall specify the following:
     (1) its duration;
     (2) the precise organization, composition, and nature of any separate legal entity created thereby;
     (3) the purpose or purposes of said interlocal contract;
     (4) the manner of financing the joint or cooperative undertaking and establishing and maintaining a budget therefor;
     (5) the permissible method or 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;
     (6) provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking, including representation of the contracting parties on said joint board;
     (7) the manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking;
     (8) any other necessary and proper matters.

     History: En. Sec. 4, Ch. 82, L. 1967; R.C.M. 1947, 16-4904(1) thru (8).