Section 160A-464 - Provisions of the agreementAny 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.N.C. Gen. Stat. § 160A-464