(a) (1) (A) If three (3) or more qualified electors file with the governing body an application in writing for authority to incorporate a public corporation under this chapter, the governing body may adopt a resolution declaring that it is wise, expedient, and necessary that a public corporation be formed and the persons filing the application may proceed to form the public corporation.

(B) After the adoption of the resolution under subdivision (a)(1)(A) of this section, the persons authorized to become the incorporators of the public corporation may incorporate the public corporation in the manner provided in this chapter.

(2)

(A) If approved by an ordinance of the governing body of the municipality, the board of directors of a planning and development district created under § 14-166-201 et seq. may file with the governing body of the municipality an application in writing to be designated and to act as a public corporation for one (1) or more projects.

(B)

(i) If the application under subdivision (a)(2)(A) of this section is approved by an ordinance of the governing body of the municipality, the district authorized to act as a public corporation under subdivision (a)(2)(A) of this section shall maintain detailed records of its activities, including without limitation financial records.

(ii) A district that is authorized to act as a public corporation under subdivision (a)(2)(B)(i) of this section may also be designated as a public corporation by another municipality for a separate project or a joint project if the designation is approved by an ordinance of the governing body of each municipality.

(iii) Sections 14-38-105 -- 14-38-109, and 14-138-123 do not apply to a district that is authorized to act as a public corporation under subdivisions (a)(2)(B)(i) and (ii) of this section.

(b) (1) A corporation shall not be designated or formed under this chapter unless the:

(A) Application provided for in this section has been made; and

(B) Resolution provided for in this section has been adopted.

(2) Regardless of whether or not the project or facility being financed qualifies as a project under § 14-138-102(9)(A), a municipality may designate a district or a newly formed public corporation to act for it as a municipality under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq., or with respect to Arkansas Constitution, Amendment 62, or Arkansas Constitution, Amendment 65.