(a)

(1) In the passage of this section, the General Assembly is cognizant of the diversity of agricultural, livestock, processing, manufacturing, fabricating, and production resources of penal and correctional institutions in this state, in other states, and of the federal government.

(2) It is recognized that each of the correctional institutions may carry on a program of production, industries, manufacturing, and processing essential to its own needs and requirements, and that in a number of instances the institutions could share, through trade and barter agreements, their production, materials, and goods for the mutual benefit and advantage of their respective institutions.

(b) It is the intent of this section to enable the Board of Corrections of this state to enter into agreements with the managing boards or commissions of correctional institutions of other states, or with appropriate federal officials having custody or control of federal correctional institutions, for the exchange of raw materials, goods, and products in accordance with terms and agreements which the respective institutions find to be advantageous and of benefit to their respective institutions and programs.

(c)

(1) The board, with the approval of the Governor, is authorized to enter into contracts, compacts, or agreements with the appropriate governing officials of correctional institutions of other states or of the federal government for the trading or bartering of raw materials, goods, and products produced by and belonging to their respective institutions.

(2) This may be done in accordance with the terms and conditions the board and the governing officials of correctional institutions of other states or of the federal government may deem advantageous and appropriate for their respective institutions and programs.

(d) The agreements may include matters such as the exchange of raw materials for finished products produced in correctional institutions or the processing of raw materials into finished products in exchange for a portion of the raw materials processed.

(e) Copies of all such agreements, compacts, or contracts entered into with correctional institutions of other states or with the federal government, as authorized in this section, shall be filed with the Auditor of State and the Chief Fiscal Officer of the State.

(f) A complete set of books and records shall be kept with respect to all transactions, deliveries, and obligations under each compact, contract, or agreement. Copies shall be filed with the Auditor of State and the Chief Fiscal Officer of the State and shall be available to public inspection during all normal business hours.

(g) The board may make reasonable rules and regulations governing the Department of Correction in the administration of contracts, compacts, or agreements made under the provisions of this section.