The establishment of a regional library shall be by contract, in writing, by the legislative bodies of the counties. The expenses of the regional library shall be apportioned between the contracting parties concerned in proportion to the taxable property o f each as shown by their respective assessments and as shall be agreed upon in the contract. The treasurer of one of the counties, as provided in the contract, shall have the custody of the funds for the regional library; and the treasurers of the other co unties concerned shall transfer to him as collected all the moneys received for public library purposes and interest from library funds in their respective governmental units. The contract for a regional library shall continue in force for a period of five (5) years and no county shall be permitted to withdraw without the consent of all the other participating counties during the five (5) year period. If the legislative body of a county decides to withdraw from a regional library contract, it shall be entit led to a division of the property on the same basis as its contributions, such division being completed within six (6) months from the withdrawal date. If no unit withdraws, at the end of the five (5) year period, the contract shall continue in force for a like period.
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