(1) Until the institution elects to become a community college, the institution shall be known as a technical college.
(2) The technical college shall work to achieve higher education institutional accreditation from an accrediting agency recognized by the United States Department of Education.
(3) Upon the appointment of the local board, all records, personnel, property, unexpended balances of appropriations, allocations, or other funds of the state-supported postsecondary vocational-technical institution shall be transferred to the local board.
(4) The local board shall be responsible for the administration and operation of the institution and shall be further responsible for the provision of services to meet the two-year postsecondary educational needs of those citizens located within the service area assigned the institution by the Arkansas Higher Education Coordinating Board.