(a)

(1) Any two (2) or more adjoining counties in the state are authorized to enter into an agreement for and to conduct an annual joint fair and livestock show.

(2)

(A) The agreement for a joint fair and livestock show shall be executed in writing by the county fair and livestock show association board of each of the participating counties.

(B) The agreement shall designate the location at which the annual joint fair and livestock show is to be conducted and shall contain such other provisions regarding the joint fair and livestock show as the boards of the respective participating county fair and livestock show associations shall deem necessary or appropriate to assure the proper and efficient conduct of the joint fair and livestock show.

(b)

(1) When any two (2) or more adjoining county fair or livestock show associations conduct a joint fair and livestock show as authorized in this section, funds appropriated by the state for county livestock show construction shall be allocated and paid by the disbursing officer of the Arkansas Livestock and Poultry Commission to the executive officer of each participating county association the same as if each county were conducting a separate fair and livestock show.

(2) Construction funds received by each executive officer shall be transmitted to the appropriate official of the joint fair and livestock show to be used exclusively for construction of facilities for conducting the joint fair and livestock show.

(c) (1) (A) Each joint fair and livestock show conducted under the provisions of this section shall be graded and awarded qualifying grade points the same as if it were a single county show for the purposes of the allocation of state funds appropriated for premiums for county livestock shows.

(B) The amount of such funds allocated and distributed to any such joint fair and livestock show by the disbursing officer of the commission shall be based upon the qualifying grade points earned by the joint show.

(2)

(A) In addition to the premium funds so allocated to the joint show on the basis of qualifying grade points, each participating county other than the county in which the joint show is located shall be eligible to receive from state funds appropriated for county livestock show premiums the amount of five hundred dollars ($500), which shall be paid annually by the disbursing officer of the commission to the executive officer of each participating county fair association the same as if each county were conducting a separate fair and livestock show.

(B) Premium funds received by each executive officer shall be transmitted to the appropriate official of the joint fair and livestock show to be used exclusively for premiums at the joint fair and livestock show.