(1) the Dixie Applied Technology College, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities, enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $9,505,300, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements, for the planning, design, and construction of the Industrial Building for the Dixie Applied Technology College permanent main campus building with up to 64,000 square feet; and

(2) the college may request state funds for operation and maintenance costs, but not for capital improvements for the leased building during the term of the lease-purchase agreement.