(1) This subchapter is enacted by the General Assembly in the exercise of its inherent powers under Arkansas Constitution, Amendment 7, § 1 and not under any other express constitutional provision.
(2) This subchapter is intended to supplement all other law which is designed to secure and develop industry and, when applicable in accordance with the provisions of this subchapter, may be used by any municipality or county as an alternative notwithstanding any constitutional provision or any other act authorizing a municipality or county, or any commission or agency thereof, to issue bonds for the purpose of securing and developing industry.