The contract authorized in 20-7-451 may include all necessary and proper matters but must specify the following:
(1) its duration, which may not be less than 3 years for purposes of providing special education services;
(2) the precise organization, composition, and nature of the cooperative;
(3) the purpose of the cooperative;
(4) the manner of financing the cooperative and establishing and maintaining a budget for the cooperative;
(5) the permissible method to be employed in accomplishing the partial or complete termination of the cooperative agreement and for disposing of property upon partial or complete termination;
(6) provision for a management board that is responsible for administering the cooperative and that is comprised of trustees of the contracting districts or their authorized representatives;
(7) the manner of acquiring, holding, and disposing of real and personal property used by the cooperative;
(8) any other necessary and proper matters.