From and after July 1, 1975, upon the abolition of the state education commission, the state board of regents shall be authorized to: (a) Adopt such rules and regulations as may be necessary to carry out its duties and may do all things necessary to carry out its powers, duties and functions under the federal higher education act of 1965 (public law 89-329), as amended, and title 8 of the 1964 national housing act (public law 88-560).

1. (b) Serve as the official state agency to plan for, define, recommend policies and submit state plans for participation in the grant programs under such federal higher education acts or the allocation of federal funds where such funds are to be received and allocated through an official state agency, according to the provisions of said acts or other similar federal legislation.
2. (c) Apply for, receive, and utilize funds available under the federal acts mentioned in this section or other similar federal legislation.

L. 1975, ch. 374, § 1; July 1.