A cooperative agreement may provide that a political subdivision:

1. (1) may appropriate and pledge any legally available revenues to the payment of the bonds, leases, or other obligations of another political subdivision that is a party to the cooperative agreement; and

2. (2) will appropriate legally available revenues for any other payment under the cooperative agreement;

   if the political subdivision's fiscal body finds that it is necessary, desirable, and in the best interests of the residents of that political subdivision.

As added by P.L.186-2006, SEC.4.