In this section the following words have the meanings indicated. “Regional counties” means Caroline County, Dorchester County, Kent County, Queen Anne’s County, and Talbot County. “Regional CTE school” means a school or part of a school that provides career and technical education programs to public high school students in the regional counties. “School” includes a public institution of higher education located within the regional counties. Two or more county boards of the regional counties may establish a regional CTE school. A regional CTE school may not be established unless at least two county boards of the regional counties, the governing bodies of those regional counties, and the board of trustees of the public institution of higher education, if applicable, approve the establishment of the regional CTE school. Participating county boards of the regional counties, the governing bodies of those regional counties, and the board of trustees of the public institution of higher education, if applicable, shall enter into a binding memorandum of understanding that provides for the governance, operations, financing, and maintenance of the regional CTE school. Any State or local education aid required under Title 5, Subtitle 2 of this article or other provisions of this article is to be calculated and distributed as required in those sections of law unless otherwise agreed to in the memorandum of understanding required in subsection (b) of this section. Except as otherwise provided in this section, a regional CTE school shall comply with the regulations and provisions of law governing other public schools. A regional CTE school shall operate under the terms of the collective bargaining agreement between the county board and the exclusive bargaining representative that is in effect in the county where the school is located.