Sec. 4. An interstate library compact agreement must:
(1) detail the specific nature of the services, facilities, properties, or personnel to which the compact is applicable;
(2) provide for the allocation of costs and other financial responsibilities;
(3) specify the respective rights, duties, obligations, and liabilities; and
(4) stipulate the terms and conditions for duration, renewal, termination, abrogation, disposal of joint or common property, if any, and all other matters that may be appropriate to the proper effectuation and performance of the agreement.