Section 28E.5. Specifications.

Latest version.

  Any such agreement shall specify the following:
  1.  Its duration.
  2.  The precise organization, composition and nature of any separate legal or administrative entity created thereby together with the powers delegated thereto, provided such entity may be legally created. However, if the agreement establishes a separate legal or administrative entity, the entity shall, when investing funds, comply with the provisions of sections 12B.10 and 12B.10A through 12B.10C and other applicable law.
  3.  Its purpose or purposes.
  4.  The manner of financing the joint or cooperative undertaking and of establishing and maintaining a budget therefor.
  5.  The permissible method or methods 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.  Any other necessary and proper matters.
[C66, 71, 73, 75, 77, 79, 81, §28E.5]
92 Acts, ch 1156, §9

                    
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