The affiliation agreement shall provide: (a) For the affiliating school districts to appoint a liaison committee which shall recommend organizational and administrative procedures and measures to assure adequate accounting procedures; (b) procedures by which vocational education funds appropriated by the Federal, State or county government may be applied for and received; (c) procedures by which one of the affiliating school districts may hold title for the benefit of all to real and personal property acquired with such funds; and (d) that each of the affiliating school districts shall have an equity in such joint assets to the extent that the assessed tax value of the property within such school district bears to the aggregate assessed tax value of the property within the combined area of the school districts. If less than an entire school district is served by such vocational education facilities or programs, only the area served shall be considered in computing equities in joint assets.