(1) The consent of the State of Arkansas is granted to the United States to purchase or acquire real property of not more than one thousand five (1,005) acres in extent in Pulaski County in this state for the purpose of a military post, fort, arsenal, or reservation.
(2) Exclusive jurisdiction over the military post, fort, arsenal, or reservation, and the territory thereof, is ceded to the United States to be exercised so long as it remains the property of the United States.
(3) The State of Arkansas releases and relinquishes its right to tax the site and all improvements thereon, during the time the United States remains the owner thereof, except that this cession of jurisdiction shall not prevent the execution of any process of the state, civil or criminal, on any person who may be on the reservation or premises.