(a) The State of Arkansas acknowledges and endorses the establishment of the Fort Chaffee Redevelopment Authority Public Trust, created by Sebastian County, on February 19, 1997, as set forth in the Fort Chaffee Redevelopment Authority Indenture of Trust and pursuant to the provisions of the laws of the state, including specifically § 28-72-201 et seq.
(b) The Fort Chaffee Redevelopment Authority Public Trust is recognized by the state as the entity to:
(1) Prepare a comprehensive study of all issues related to the closure and redevelopment of Fort Chaffee Military Base surplus properties and to ensure proper planning and optimal use of the property embodied therein;
(2) Manage, own, and operate such portions of the base as the United States Department of Defense deems unnecessary to its overall military mission so as to yield the maximum benefit to the residents of affected counties and communities in the state after conversion of those portions; and
(3) Act for other purposes as enabled and set forth in the Fort Chaffee Redevelopment Authority Indenture of Trust that are in the public interest and serve a public purpose and can best be accomplished by the creation of a public trust vested with the powers and duties specified in the Fort Chaffee Redevelopment Authority Indenture of Trust.