(a) The local board of a community college may contract with a municipality for:
(1) The transfer of real property, including any buildings or structures thereon from the college to the municipality;
(2) Any or all of the following:
(A) The construction, repair, and renovation of buildings or structures;
(B) The construction of additions to buildings or structures; and
(C) The provision of equipment, apparatus, library materials, and fixtures for the buildings or structures by the municipality; and
(3)
(A) The long-term lease of at least fifty (50) years of the buildings or structures by the municipality to the college for nominal monetary and other valuable consideration.
(B) The leased building or structure shall be utilized by the college for educational purposes.
(b) The college may expend funds under the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq., and the college and the municipality may expend any other funds available pursuant to applicable law for the purposes set out in this section and for the operation of the facility or structure if the college receives a long-term lease of at least fifty (50) years.
(c) If, pursuant to subsection (a) of this section, the college receives a long-term lease of at least fifty (50) years, the college and the municipality are authorized jointly to do any or all of the following:
(1) Construct, repair, and renovate buildings or structures;
(2) Construct additions to buildings or structures; and
(3) Provide equipment, apparatus, library materials, and fixtures for the buildings or structures.