(a) The board of trustees of a junior college district may establish and operate a dual usage educational complex to provide a shared facility for the educational activities of the district and other participating entities. The board of trustees may enter into a cooperative agreement governing the operation and use of the complex with the governing bodies of one or more of the following entities:
(1) a county, municipality, or school district located in whole or in part in the service area of the junior college district; or
(2) another institution of higher education with a campus or other educational facility located in the same state uniform service region as adopted by the coordinating board.
(b) The junior college district shall coordinate and supervise the operation of the complex. The use and the costs associated with the establishment and operation of the complex shall be shared by the district and the other participating entities under the terms of the cooperative agreement.