A political subdivision may enter into an agreement for the transfer of the legal, administrative, and financial responsibilities for carrying out a power or function of the political subdivision as required or permitted by law or home rule charter. The agreement must include:
1. The nature of the power or function to be transferred;
2. The effective date of the proposed transfer;
3. The responsibility for administration of the power or function to be transferred;
4. The manner in which affected employees currently engaged in the performance of the power or function will be transferred, reassigned, or otherwise treated;
5. The manner in which real property, facilities, equipment, or other personal property required in the exercise of the power or function are to be transferred, sold, or otherwise disposed of;
6. The method of financing, establishing, and maintaining a budget for the power or function; and 7. Other legal, financial, and administrative arrangements necessary to affect the transfer in an orderly and equitable manner.