Any contract or agreement establishing an undertaking shall specify:

(1)        The purpose or purposes of the contract or agreement;

(2)        The duration of the agreement;

(3)        If a joint agency is established, its composition, organization, and nature, together with the powers conferred on it;

(4)        The manner of appointing the personnel necessary to the execution of the undertaking;

(5)        The method of financing the undertaking, including the apportionment of costs and revenues;

(6)        The formula for ownership of real property involved in the undertaking, and procedures for the disposition of such property when the contract or agreement expires or is terminated;

(7)        Methods for amending the contract or agreement;

(8)        Methods for terminating the contract or agreement;

(9)        Any other necessary or proper matter. (1971, c. 698, s. 1.)