(a) Incident to the employment of prisoners as provided in this subchapter, the Board of Corrections is authorized to:
(1) Erect buildings;
(2) Purchase, install, or replace equipment;
(3) Procure tools, supplies, and materials;
(4) Employ personnel; and
(5) Otherwise defray necessary expenses.
(b)
(1) To further aid the purposes in subsection (a) of this section, the board is empowered to enter into contracts and agreements with any person or persons upon a self-liquidating basis respecting the acquisition and purchase of any equipment, tools, supplies, and materials to the end that they may be paid for over a period of not exceeding ten (10) years.
(2) The aggregate amount of the purchases or acquisitions are not to exceed five hundred thousand dollars ($500,000) unless specifically approved by the Governor with the amounts to be payable solely out of the revenues derived from the activities authorized by this subchapter.
(c) Nothing in this section shall be construed or interpreted to authorize or permit the incurring of a state debt of any kind or nature as contemplated by the Arkansas Constitution in relation to the debt.