(a) The board may enter into a joint ownership arrangement for the district with one or more public or private entities for:
(1) the provision of management or operating services; and
(2) the ownership of all or part of real property, facilities, equipment, or supplies.
(b) Before the board enters into the arrangement, the board must determine that the arrangement is:
(1) in the district’s best interest; and
(2) for a public purpose of the district.