The agreement shall be binding on all parties thereto: Provided, That the agreement may be amended from time to time if such is agreed to by all parties in writing. The agreement shall contain:

(1) The name and address of the taxpayer;

(2) The name of the district or districts which (is) (are) a party to the agreement;

(3) The total amount and the date of the deposit or deposits;

(4) The funds and the amount of the deposit which is to be applied to each fund;

(5) A schedule for repayment or credit against the future assessment or taxes which shall show:

(a) The year or date that each credit will be allowed, and

(b) The amount of the credit. The credit may be in specific amounts or by percentage, whichever the parties deem most beneficial.