(1) The Arkansas Department of Transportation is authorized to exercise those powers necessary for the state to qualify for rail service preservation subsidies or other transportation assistance under the provisions of any federal act. The department shall: Establish a state plan for rail transportation and local rail services;
(2) Administer and coordinate the state plan;
(3) Provide in the plan for the distribution of federal rail service preservation subsidies or other federal assistance; and
(4) Provide satisfactory assurance on behalf of the state that such fiscal control and fund accounting procedures will be adopted by the state as may be necessary to assure proper disbursement of an account for federal funds paid to the state.
(5) The department is authorized to provide financial assistance, within the limits of the funds appropriated for this purpose, for the preservation of operations and maintenance of any railroad within the state, as provided for in relevant federal legislation.
(6) The department may cooperate with other states in connection with the preservation of any rail services within this state. In carrying out the authority conferred by this section, the department may enter into general contractual arrangements with other states.
(7) The department may contract with any domestic or foreign person, firm, corporation, agency, or government to provide, maintain, or improve rail transportation service within this state.