(a) Contributions may be made to a research park authority from time to time by any county, municipality, or accredited institution of higher education by the State of Arkansas or any agency of the state or by any person.
(b)
(1) In order to afford maximum opportunities for contributions, the agreement provided for under § 14-144-201 may be treated as a cooperative agreement under the provisions of the Interlocal Cooperation Act, § 25-20-101 et seq., and at the election of the sponsors of the authority may contain language enabling the agreement to be treated as a formal compact under § 14-165-201 et seq.
(2) If the conditions set forth in subdivision (b)(1) of this section are met, the authority shall hold title to property in its powers and capacity as a public corporation rather than as a commission-trustee as provided in § 14-165-201 et seq. or may be treated as a less formal arrangement for the cooperative use of industrial development bond funds, all to the end that the counties and municipalities may contribute to the authority funds derived from general obligation bonds under the Arkansas Constitution, from revenue bonds under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq., and from other available sources, and may contribute funds derived from a combination of these sources.