(a) On approval of the Coordinating Board, Texas College and University System, a public senior college or university, as defined by Section 61.003 of this code, may establish an academy of mathematics and science as provided by Subchapter H, Chapter 105, of this code as a division of the institution.
(b) An institution may pay the expenses of an academy established under this section by:
(1) using available funds or entering into contracts and accepting grants or matching grants for the purpose of establishing an academy; and
(2) accepting federal funds or money from any corporation or other private contributor for use in operating or providing programs to the academy.