Upon receipt of an application, the board of drain commissioners shall call and give notice of a public hearing, in the manner provided for hearing on a petition to establish a drain, and at such hearing shall receive all evidence and opinions offered for or against the application or of suggested modifications. After such hearing the board of drain commissioners and the governing body of the city or board of commissioners of the water resource district, whichever the case may be, may enter into an agreement for the joint use of such drain setting forth in such agreement the extent, conditions, and nature of permitted use and action, the amount of payment to be made as proportionate share of original cost, and the amount or percentage of costs of future maintenance to be paid by the city or water resource district.