The agreement authorized by 44-11-304 must specify the following:
(1) its duration;
(2) the precise organization, composition, and nature of any separate legal entity created thereby;
(3) the purpose of the agreement;
(4) the manner of financing the agreement and establishing and maintaining a budget therefor;
(5) the method to be employed in accomplishing the partial or complete termination of the agreement and for disposing of property upon such partial or complete termination;
(6) provision for administering the agreement, which may include creation of a joint board responsible for such administration;
(7) the manner of acquiring, holding, and disposing of real and personal property used in the agreement;
(8) the minimum standards for law enforcement personnel implementing the provisions of the agreement;
(9) the respective liability of each party to the agreement for the actions of law enforcement officers when acting under the provisions of the agreement;
(10) the minimum insurance required of each party to the agreement;
(11) the exact chain of command or delegation of authority to be followed by law enforcement officials acting under the provisions of the agreement;
(12) the precise enforcement authority that the peace officers of each party law enforcement agency may exercise; and
(13) any other necessary and proper matters.