Any contractual arrangement entered into under KRS 79.110 shall:
(1) Name the service or services to be performed and clearly define same;
(2) State which subdivision of government shall render the service or services;
(3) Define the area within which the service or services contracted for shall be performed;
(4) Provide the means of payment of the cost of the service or services;
(5) When the county government is one of the contracting parties, take cognizance of the fact that city residents are county residents and taxpayers to both governments, and provide for an equitable distribution of the cost of providing the service or services.