(1) The State Board of Education is authorized to establish a statewide system of not more than fifteen (15) multicounty education service cooperatives of school districts.
(2) Such education service cooperatives shall be intermediate service units in the state's elementary and secondary education system and as such shall be eligible to receive and expend funds from state and federal governments, school districts, and other public or private sources.
(3) Education service cooperatives established by this subchapter will provide to school districts which choose to use them assistance in: Meeting or exceeding accreditation standards and equalizing educational opportunities;
(4) Using educational resources more effectively through cooperation among school districts; and
(5) Promoting coordination between school districts and the Division of Elementary and Secondary Education in order to provide services which are consistent with the needs identified by school districts and the educational priorities of the state as established by the General Assembly or the state board.