It is the intent of the legislative assembly that the board of higher education thoroughly investigate the possibility of entering into appropriate reciprocal agreements with the appropriate institutions in the states of South Dakota, Montana, and Minnesota, and that such agreements, if found feasible, be entered into by the board. It is further declared to be the intent of the legislative assembly that before entering into any such agreement which necessitates the expenditure of state funds, the state board of higher education return to the legislative assembly for approval of such expenditures.