For the purposes of implementing the federal Race to the Top program established by the federal American Recovery and Reinvestment Act of 2009 (Public Law 111-5):

1. (a) The Superintendent and the President of the state board may enter into a memorandum of understanding with a local educational agency.

2. (b) Participating local educational agencies shall enter into a memorandum of understanding, with the Superintendent and the President of the state board, that meets the requirements expressed in the Race to the Top guidelines and that is signed by as many as possible of each participating local educational agency’s:

   1. (1) Superintendent of schools, or their equivalents.
   2. (2) President of the local governing boards, or their equivalents.
   3. (3) Leader of any local collective bargaining unit for teachers, if applicable.