Section 57-64-21 - Agreements under this chapter to include certain provisionsAny agreement made under this chapter shall specify the following:
(b) Its purpose or purposes.(c) The precise organization, composition, nature and powers of any separate legal or administrative entity created thereby and the specific citation of statutory authority vested in each of the local government units which is to be a party to the agreement.(d) The manner of financing, staffing and supplying the joint or cooperative undertaking and of establishing and maintaining a budget therefor; provided that the treasurer and/or disbursing officer of one (1) of the local government units shall be designated in the agreement to receive, disburse and account for all funds of the joint undertaking as a part of the duties of the officer or officers.(e) The permissible method or methods to be employed in operating the alliance and the project and accomplishing the partial or complete termination or amendment of the agreement and for disposing of property upon such partial or complete termination or amendment.(f) The provision for administration of issuance of any bonds under this chapter by a local government unit exercising the power authorized by this chapter.(g) The manner of acquiring, holding and disposing of real and personal property used in the joint or cooperative undertaking in the event that the agreement does not or may not establish a separate legal entity to conduct the joint or cooperative undertaking.(h) A provision specifying the terms and conditions that would cause the alliance to be terminated.(i) The manner in which the costs of the project shall be shared between the local government units.(j) The manner in which the revenues from the project shall be shared by the local government units.(k) Any other necessary and proper matters.Laws, 2000, 2nd Ex Sess, ch. 1, § 15, eff. 8/30/2000.