(a) The governing bodies of any two (2) or more counties, whether or not contiguous, are empowered to enter into such agreements, contractual arrangements or compacts as they may deem necessary and desirable in order to provide for the joint conducting or financing of any of the functions or the services authorized by this chapter, including the joint issuance of bonds or notes by any two (2) or more such counties, and including the issuance of bonds or notes by any one (1) or more such counties and the allocation of the proceeds of the bonds or notes to one (1) or more other counties, and in conjunction with the joint issuance of bonds or notes, to exercise all the powers granted by § 5-1-114.

(b) In the event of the issuance of bonds or notes by any county and the allocation of a portion of the proceeds of the bonds or notes to any other county, the issuance of such bonds or notes shall be approved in general terms by the governing body of such other county, including the approval of the maximum interest rate and the maximum term of such bonds or notes.

(c) In the event of the joint issuance of bonds or notes, the proceeds of the bonds or notes, after the payment of all expenses in connection with the issuance of the bonds or notes, including particularly those costs and expenses enumerated in § 7-60-201(a)(3), may be allocated to each of the counties jointly issuing such bonds or notes in the manner that such counties may agree upon, but in no event shall the share of such bond or note proceeds allocated to any county, together with the proceeds of any other bonds or notes issued under this chapter and allocated to such county, exceed in any year that proportion, including such proportion as may have resulted from the agreement of counties, of the state ceiling for such year to which that county is entitled pursuant to § 7-60-102(f).