(1) Regional library systems are authorized to contract with other regional libraries, municipal libraries, or county public libraries or with library authorities of any college or university or any privately organized or endowed library, whereby common library branches or buildings or joint library services for the residents or patrons of the participating jurisdictions may be established and maintained in joint effort.
(2) The contract shall provide for the division of any cost of establishing, maintaining, and operating the library and library services between the system and the other entity, even though the entity may be located without this state.
(3) The contract shall become effective only from and after its ratification by a majority of the members of the board of trustees of the regional library system.