(a) On approval of the Coordinating Board, Texas College and University System, a public senior college or university, as defined by § 61.003 of this code, may establish an academy of mathematics and science as provided by Subchapter H, Chapter 105, of this code as a division of the institution.
(b) An institution may pay the expenses of an academy established under this section by:
(1) using available funds or entering into contracts and accepting grants or matching grants for the purpose of establishing an academy; and
(2) accepting federal funds or money from any corporation or other private contributor for use in operating or providing programs to the academy.