(1) Any compact entered into under the provisions of this subchapter may provide that each party to the compact will issue bonds under Arkansas Constitution, Amendment 49 [repealed], and that all funds obtained by the issuance of the bonds will be used for a joint industrial development project.
(2) Whenever the parties to the compact agree that each shall issue bonds under Arkansas Constitution, Amendment 49 [repealed], no bonds shall be issued by any party to the compact for use in the joint project unless the voters of each and every party to the compact approve the issuance of bonds.
(3) The parties to the compact shall determine by agreement the portion of the total cost of any project that each party to the compact is to bear.