(a) (1) A research park authority:

(A) Shall have as sponsor at least one (1) accredited institution of higher education; and

(B) May have one (1) or more:

(i) Municipality;

(ii) County;

(iii) State agency; or

(iv) Research institute or center.

(2) One (1) or more sponsors who meet the requirements of subdivision (a)(1) of this section may create a research park authority under this chapter for the purpose of acquiring, constructing, maintaining, and operating a research park.

(b) A county or municipality shall not participate in a research park authority unless the governing body of the county or municipality:

(1) Provides by ordinance to participate in the research park authority; and

(2) Enters into an agreement with at least one (1) accredited institution of higher education to create and maintain the research park authority.

(c) An accredited institution of higher education shall not participate in a research park authority unless the governing body of the accredited institution of higher education adopts a resolution to participate in the research park authority.

(d) A research park shall be located either within:

(1) The geographical boundaries of a county or municipality that is a sponsor of the research park authority; or

(2) The main campus or in the proximity of the main campus of the sponsoring accredited institution of higher education that is a sponsor of the research park authority.

(e)

(1) A sponsor of a research park authority shall enter into an agreement establishing the terms and conditions for the operation of the authority under this chapter and any other laws of the State of Arkansas that may be applicable.

(2) To the extent that it is consistent with this chapter, the agreement shall specify the information provided for in the Interlocal Cooperation Act, § 25-20-101 et seq.

(3) The agreement may also provide for each authority to furnish the participating sponsor or sponsors copies of its annual budget for examination and approval.

(4) The agreement shall be filed with the Secretary of State.

(f) By action of the research park authority board, a research park authority established under this chapter may add one (1) or more sponsors to the creating sponsors under subdivision (a)(1)(B) of this section.