(1) The board of regents is authorized to enter into any contract or contracts that the state board of regents may deem necessary for the operation of state colleges of applied technology in order to carry out the provisions and purposes of this part with any: Local board or boards of education;
(2) County or counties, or municipality or municipalities;
(3) Other public or private body, board, foundation or agency; or
(4) Individual or group of individuals.
(5) The board of regents is also authorized, within its discretion, to locate, establish, control and operate directly, any state college of applied technology under this part.