§ 160A-464. Provisions of the agreement.

135 words·~1 min read·/nc/chapter-160a/160a-464

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any contract or agreement establishing an undertaking shall specify:

(1)The purpose or purposes of the contract or agreement;

(2)The duration of the agreement;

(3)If a joint agency is established, its composition, organization, and nature, together with the powers conferred on it;

(4)The manner of appointing the personnel necessary to the execution of the undertaking;

(5)The method of financing the undertaking, including the apportionment of costs and revenues;

(6)The formula for ownership of real property involved in the undertaking, and procedures for the disposition of such property when the contract or agreement expires or is terminated;

(7)Methods for amending the contract or agreement;

(8)Methods for terminating the contract or agreement;

(9)Any other necessary or proper matter. (1971, c. 698, s. 1.)