(a) Any such agreement between a district in this state and a district in an adjoining state shall contain as a minimum the following:
(1) A statement of the obligations of each district as to the installation of the works of improvement and the amount or proportionate share of the nonfederal installation costs to be borne by each district;
(2) A statement of the obligations of each district as to the operation and maintenance of the works of improvement lying within each district and the amount or proportionate part of the cost of the operation and maintenance to be borne by each district;
(3) The obligation of each district to pay a proportionate part of any damages which may be recovered against either district resulting from the injury to, or taking of, lands or other property necessary for carrying out the works of improvement;
(4) A statement that any installation funds remaining after completion of the work and payment of all costs shall be divided and returned to each district in the same proportion that each contributed to the cost.
(b) However, no such agreement with an adjoining state or district of that state shall be inconsistent with the Constitution of the United States of America, or of either state, for the carrying out of the proposed works of improvement.