(1) A compact entered into pursuant to the authority granted in this subchapter may provide for the establishment of a compact board of directors, to be composed of such members as may be prescribed in the compact.
(2) The board shall have such authority with respect to the issuance of bonds and the payment of principal and interest on the bonds, together with any other expenses of issuing and selling the bonds, and, with respect to the supervision and administration of the lease or acquisition and the repair, maintenance, and operation or leasing out for operation of the railroad, as may be agreed upon by the participating counties.