(1) Any Oregon resident desiring to take advantage of the Western Regional Higher Education Compact may make application to the Higher Education Coordinating Commission for out-of-state educational service. From such applicants the commission shall select students to fill the quotas determined under ORS 350.795.
(2) The commission and the Oregon members of the Western Interstate Commission for Higher Education shall jointly establish criteria to be observed by the commission in making such selections.
(3) The commission shall certify the names of the students selected to the Western Interstate Commission for Higher Education and to the out-of-state institution to which each student desires admission.