(1) Any local board of education within the limitations of its official, adopted school budget may offer and pay to the board of regents the amount or amounts of unspent and uncommitted capital outlay funds or general purpose school funds that the local board of education may deem necessary to assist the board of regents in the establishment, construction and operation of any state college of applied technology established under this part.
(2) No board of education shall use for the purposes of this section any state minimum foundation school program funds or any local funds required for participation in the state minimum foundation school program funds.