Any contract for a loan entered into pursuant to Section 78622 may include those provisions determined by the board to be necessary for purposes of this chapter and shall include both of the following provisions:
(a)
An estimate of the reasonable cost of the eligible recycling project.
(b)
An agreement by the public agency to proceed expeditiously with, and complete, the eligible recycling project, commence operation of the project in accordance with applicable provisions of law, and provide for the payment of the public agency’s share of the cost of the project, including the principal of, and interest on, the loan.