(a) Property, money, or other thing of value may be donated for the benefit of the community and technical colleges to be held in trust and administered for the use of such colleges.

(b) Whenever any property, money, or thing of value is donated to be used for the benefit of the community or technical colleges of this state, the board may administer such trusts as it deems to be in the best interests of the community or technical college or colleges for the benefit of which the donation or gift is made. The board is given complete control of such property and may sell, lease, or otherwise dispose of the property as it deems to be in the best interests of the community or technical college or colleges for the benefit of which such property is donated; or the board may convert the same into securities for handling the property or proceeds therefrom as in its discretion will best promote the purpose of the trust.

(c) The board may accept the administration of property, money, or other thing of value donated in trust for the benefit of any community or technical college or colleges of the state upon such conditions as may be acceptable to the donor and the board, but no undertaking entered into by the board with such donor shall bind the state to pay any public monies to anyone. Nothing in this section shall prevent the board from undertaking payments to persons out of the proceeds derived from such trust funds as a condition of the acceptance of a donation for the benefit of such community or technical college or colleges. All trust funds administered under this article may be required by the board to pay the expenses of administering the same.

(d) The board shall assume all obligations of the State Board of Education with respect to bonds issued by the State Board of Education for the benefit of any community or technical college prior to May 12, 2015, which bonds and related obligations are and shall continue to be payable solely from certain revenues from tuition and fees charged against students at the respective community or technical colleges. No such assumption, however, shall create an obligation or indebtedness of the state or be payable out of funds appropriated by the state to the board or to the community or technical colleges. The board may also enter into an agreement with the State Board of Education to further provide for the respective rights and obligations of the board and the State Board of Education with respect to any such obligations, including, without limitation, compliance by the board with the authorizing resolutions adopted by the State Board of Education with respect to such obligations, compliance by the board with covenants and agreements of the State Board of Education with respect to such obligations, reimbursement of any payments required to be made by the State Board of Education, and the issuance of obligations by the board on parity of pledge of revenues with the pledges made by the State Board of Education. In no event shall the adoption of the act pursuant to which this section is added result in the impairment of any rights of the holders of any bonds or other obligations issued by the State Board of Education for the benefit of the community and technical colleges.