Any contract entered into pursuant to this article for a loan or grant may include provisions determined by the board, and shall include all of the following provisions:
(a) An estimate of the reasonable cost of the project.
(b) A description of the type of assistance being offered.
(c) An agreement by the board to pay to the municipality or small community, during the progress of the project or following completion, as agreed upon by the parties, the amount specified in the contract determined pursuant to applicable federal and state laws.
(d) An agreement by the municipality or small community to proceed expeditiously with, and complete, the project, commence operation of the project upon completion, properly operate and maintain the project in accordance with applicable provisions of law, and provide for payment of its share of the costs of the project.