(1) Any two (2) or more municipalities, counties, or other public agencies may enter into agreements with one another for joint or cooperative action pursuant to a solid waste management system.
(2) Any agreement shall specify the following: Its duration;
(3) The precise organization, composition, and nature of any separate legal or administrative entity created by the agreement, together with the powers delegated thereto, provided that the entity may be legally created;
(4) Its purpose;
(5) The manner of financing the joint or cooperative undertaking and of establishing and maintaining a budget, provided that the legal entity may incur indebtedness for the lease or purchase of land, equipment, and other expenses necessary to the operation of a solid waste management system, or any part of it;
(6) The permissible methods to be employed in accomplishing the partial or complete termination of the agreement and for disposing of property upon the partial or complete termination; and
(7) Any other necessary and proper matters.