(a) Two (2) or more counties, or two (2) or more municipalities, whether or not in the same county, or one (1) or more counties and one (1) or more municipalities are authorized and empowered to join together in a compact for the purpose of engaging in joint efforts to secure and develop industry of mutual benefit to the parties to the compact and to finance it by each party to the compact issuing bonds under the provisions of Arkansas Constitution, Amendment 49 [repealed].
(b)
(1) Counties entering into compacts to which one (1) or more other counties are parties must have a common border with at least one (1) other county that is a party to the compact.
(2) Municipalities entering into compacts must be sufficiently near to the other parties to the compact to enable all parties to the compact to benefit from the joint efforts undertaken.
(c) Any party to any compact authorized in this subchapter may issue revenue bonds under the provisions of the Municipalities and Counties Industrial Development Revenue Bond Law, §§ 14-164-201 -- 14-164-206 and 14-164-208 -- 14-164-224, in aid of any compact project.
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