Sections 37-31-71 through 37-31-79 shall be liberally construed to effectuate the provisions thereof and are hereby declared to be severable. Such sections are supplemental to the authority provided in Sections 37-7-401 through 37-7-413 and other applicable statutes, and any agreement entered into pursuant to Sections 37-31-71 through 37-31-79 shall likewise be effective to confer on the contracting parties all powers contained in the Sections 37-7-401 through 37-7-413 provided such agreement is also approved by the state educational finance commission in accordance therewith.