(1) If an agreement under Section 11-13-202 does not establish an interlocal entity to conduct the joint or cooperative undertaking, the agreement shall, in addition to the items specified in Section 11-13-206, provide for:

1. (a) the joint or cooperative undertaking to be administered by:

   1. (i) an administrator; or
   2. (ii) a joint board with representation from the public agencies that are parties to the agreement;
2. (b) the manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking;
3. (c) the functions to be performed by the joint or cooperative undertaking; and
4. (d) the powers of the joint administrator.