Prerequisites for construction or maintenance of libraries

No county, city, town, or combination thereof acting as a regional library district of this state shall be party to a library agreement which provides for the construction or maintenance of a library pursuant to Article III, subdivision (c)7 of the compact, nor pledge its credit in support of such a library, or contribute to the capital financing thereof, except: (1) After compliance with the Arkansas Constitution and any laws applicable to the county, city, town, or combination thereof relating to or governing capital outlays and the pledging of credit; and (2) After submitting the plan to the State Library Board for approval. Acts 1967, No. 419, § 2; A.S.A. 1947, § 6-311. No county, city, town, or combination thereof acting as a regional library district of this state shall be party to a library agreement which provides for the construction or maintenance of a library pursuant to Article III, subdivision (c)7 of the compact, nor pledge its credit in support of such a library, or contribute to the capital financing thereof, except: (1) After compliance with the Arkansas Constitution and any laws applicable to the county, city, town, or combination thereof relating to or governing capital outlays and the pledging of credit; and (2) After submitting the plan to the State Library Board for approval. Acts 1967, No. 419, § 2; A.S.A. 1947, § 6-311.