The contract authorized by 7-11-104 must specify the following:

1. (1) its duration;
2. (2) the precise organization, composition, and nature of any separate legal entity created by the contract;
3. (3) the purpose or purposes of the interlocal contract;
4. (4) the manner of financing the joint or cooperative undertaking and establishing and maintaining a budget for the undertaking;
5. (5) 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;
6. (6) 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;
7. (7) if applicable, the manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking;
8. (8) the contracting party responsible for reports and payment of retirement system contributions pursuant to 19-2-506;
9. (9) 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
10. (10) any other necessary and proper matters.

History: En. Sec. 4, Ch. 82, L. 1967; R.C.M. 1947, 16-4904(1) thru (8); amd. Sec. 3, Ch. 99, L. 2001; amd. Sec. 2, Ch. 318, L. 2001.