(a) Any two (2) or three (3) contiguous counties in the state are authorized to enter into a compact where the participating counties agree to issue bonds, jointly or individually, under the provisions of Arkansas Constitution, Amendment 49 [repealed] or under the provisions of §§ 14-164-201 — 14-164-206 and 14-164-208 — 14-164-224 and to use the proceeds of the bonds for the purpose of leasing or otherwise acquiring and repairing, maintaining, and operating, or leasing out for operation, an existing railroad within the participating counties.
(b)
(1) Any such compact shall be evidenced by an ordinance of the quorum court of each of the participating counties.
(2) The ordinance shall identify and contain the terms of the compact, including the obligations of the particular county under the terms of the compact.
(c) Any one (1) county in the State of Arkansas is authorized to provide rail service pursuant to this subchapter, and any such county ordinance shall be treated as a compact for purposes of this subchapter.