In this section, “innovative regional school” means a public school that: Admits students from the Carroll County or Howard County public school systems under a memorandum of understanding agreed to under subsection (d) of this section; and Offers special courses or curricula for an innovative education program. This section applies only in Carroll County and Howard County. Through a memorandum of understanding agreed to under subsection (d) of this section, the county boards of Carroll County and Howard County may establish innovative regional schools. Before establishing an innovative regional school, both county boards shall enter into a binding memorandum of understanding outlining each county board’s responsibilities in the governance, operations, maintenance, and financing of the innovative regional school. The memorandum of understanding shall be subject to the approval of the county governing body of Carroll County and Howard County. The parties to the memorandum of understanding shall identify one of the county boards to govern the innovative regional school. The memorandum of understanding between the county boards of Carroll County and Howard County shall include provisions for: Equitable access to the innovative regional school for students with disabilities and students who are eligible for free and reduced price meals; Transportation to ensure students without access to a vehicle are able to attend the innovative regional school; and Cost sharing responsibilities between the two county boards related to maintenance of the school building. The memorandum of understanding may establish a geographic area of attendance for the innovative regional school. If more students apply for attendance at the innovative regional school than can be accommodated, the innovative regional school shall admit students on a lottery basis. Notwithstanding § 4–121 of this subtitle, and subject to subparagraph (ii) of this paragraph, the memorandum of understanding may establish required payments of each county served by the innovative regional school. The source of funds for any payments made by each county served by the innovative regional school shall be limited to county appropriations only. The memorandum of understanding may contain any other agreements each county board considers necessary. Except as provided in paragraph (2) of this subsection, the collective bargaining agreement established under Title 6, Subtitle 4 or Subtitle 5 of this article in the county that is identified under subsection (d)(2) of this section shall govern working conditions at the innovative regional school. The employee organization and the public school employer in the county that is identified under subsection (d)(2) of this section may mutually agree to negotiate amendments to the existing bargaining agreement to address the needs of the innovative regional school. Innovative regional schools established under this section are not subject to the approval of the State Board or the State Superintendent under § 4–109 of this subtitle. Except as otherwise provided in this section, innovative regional schools shall comply with the regulations and provisions of law governing other public schools.