Section 1-24-4 - Contents of agreement Any such agreement shall specify the following:
(2) The precise organization, composition, and nature of any separate legal or administrative entity created thereby together with the powers delegated thereto, provided such entity may be legally created;(3) Its purpose or purposes;(4) The manner of financing the joint or cooperative undertaking and of establishing and maintaining a budget therefor;(5) The permissible method or methods to be employed in accomplishing the partial or complete termination of the agreement and for disposing of property upon such partial or complete termination; and(6) Any other necessary and proper matters.