Section 11-1-4 - Terms and conditions of joint agreementsA. Every agreement executed by one or more public agencies shall clearly specify the purpose of the agreement or for any power which is to be exercised. The agreement shall provide for the method by which the purpose will be accomplished and the manner in which any power will be exercised under such agreement. B. The parties to the agreement may provide therein that: (1) contributions from the funds of the public agencies may be made for the purpose set forth in the agreement; or (2) payments of public funds may be made to defray cost of such agreement; or (3) advances of public funds of the public agencies be made for the purpose set forth in the agreement and that such advances be repaid as provided in such agreement. C. The agreement may provide that funds be paid to and disbursed by the agency agreed upon by the public agencies under the terms of the agreement. D. The agreement shall provide for strict accountability of all receipts and disbursements. E. The agreement may be continued for a definite term or until rescinded or terminated, and may provide for the method by which it may be rescinded or terminated by any party. F. The agreement shall provide for the disposition, division or distribution of any property acquired as the result of the joint exercise of powers, and shall further provide that after the completion of the agreement's purpose any surplus money on hand shall be returned in proportion to the contributions made. G. If the purpose set forth in [the] agreement is the acquisition, construction or operation of a revenue-producing facility, the agreement may provide: (1) for the repayment or return to the parties of all or any part of any contributions, payments or advancements made by the parties pursuant to such agreement; and (2) for payment to the parties of any sum derived from the revenues of such facilities. H. Payments, repayments or returns to a public agency shall be made at the time and in the manner specified in the agreement. 1953 Comp., § 4-22-4, enacted by Laws 1961, ch. 135, § 4.