(1) The local boards of education participating in the operation of a career and technical education center are authorized to enter into contracts for the establishment, operation and maintenance of career and technical education centers.
(2) Contractual arrangements entered into in establishing a career and technical education center shall be for a period of no less than five (5) years nor more than ten (10) years, in order to guarantee efficient operation and continuity, and shall first be approved by the county legislative body or city governing body of each county and city participating in the establishment, operation and maintenance of the school.