(1) Any county or any municipality is authorized and empowered to enter into a compact with any county or counties, any municipality or municipalities, the United States of America, or the State of Arkansas, or any agency or political subdivision thereof, for the purpose of a cooperative effort to carry out any or all of the purposes authorized by this chapter.
(2) The compact may provide for joint ownership or joint operation of any facilities and may contain other terms and conditions as the parties deem necessary or desirable for the accomplishment of any of the purposes authorized by this chapter.