7-11-105. Detailed contents of interlocal agreements. (1) The contract authorized by 7-11-104 must specify the following:

(a) its duration;

(b) the precise organization, composition, and nature of any separate legal entity created by the contract;

(c) the purpose or purposes of the interlocal contract;

(d) the manner of financing the joint or cooperative undertaking and establishing and maintaining a budget for the undertaking;

(e) the permissible method or methods to be employed in accomplishing the partial or complete termination of the agreement and, if applicable, for disposing of property upon a partial or complete termination;

(f) provision for an administrator or a joint board responsible for administering the joint or cooperative undertaking, including representation of the contracting parties on the joint board;

(g) if applicable, the manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking;

(h) the contracting party responsible for reports and payment of retirement system contributions pursuant to 19-2-506;

(i) if applicable, the manner of sharing the employment of a teacher or specialist under 20-4-201, a superintendent under 20-4-401, or a professional person licensed under Title 37; and

(j) any other necessary and proper matters.

(2) An agreement authorized by 7-11-104 between a city or town and a county that governs the adoption and enforcement of municipal zoning or subdivision regulations beyond the boundaries of a municipality pursuant to 76-2-310 and 76-2-311 may not exceed a term of 5 years, at which time both parties may mutually agree to renew the agreement.