A. The Arizona board of regents, community college districts and the state board for private postsecondary education, through intergovernmental agreement, may enter into an interstate reciprocity agreement for the purpose of managing postsecondary distance education.

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B. The intergovernmental agreement pursuant to subsection A of this section, at a minimum, must identify the process for the application to participate in the interstate reciprocity agreement and be administered jointly by representatives from the Arizona board of regents, representatives from the state board for private postsecondary education and representatives from a community college district in this state. The terms of the intergovernmental agreement shall be agreed to unanimously by the Arizona board of regents, the state board for private postsecondary education and a community college district in this state.

C. The responsibilities designated through intergovernmental agreement pursuant to subsection A of this section must be limited to the administration of the distance education reciprocity agreement for participating postsecondary institutions that have a principal place of business in this state.

D. For the purposes of this section, "postsecondary institution" means any accredited, degree-granting public or private university or college located in this state, any accredited degree-granting community college located in this state and any accredited degree-granting college or university located on and operated by a federally recognized Indian tribe.