(1) The board of regents for the Kentucky Community and Technical College System shall recognize previous actions under prior law.
(2) Paducah Junior College may be included in the system provided for by KRS 164.580 upon the concurrence of the board of trustees of the University of Kentucky and the board of trustees of Paducah Junior College. Following the concurrence of the two (2) boards, an agreement shall be executed between the board and the board of trustees providing for the conversion of the existing facilities of Paducah Junior College and containing other provisions the parties deem appropriate and desirable, provided that any agreement executed under this subsection shall be subject to the management of the Kentucky Community and Technical College System under the provisions of KRS 164.5807.
(3) The agreement required by subsection (2) may provide for the transfer to the board of any funds accruing to Paducah Junior College as the result of any contract or agreement with any agency or instrumentality of the United States or the Commonwealth of Kentucky including any funds accruing pursuant to KRS 164.027.
(4) Upon the execution of the agreement required by subsection (2), any taxes levied under KRS 165.170 or 165.175 and paid to the trustees shall continue to be received by the board of trustees of Paducah Junior College. However, the trustees may in the agreement provide for the expenditure of the taxes levied for such purposes as the trustees and the board may mutually agree.