(a) The chancellor hereby is authorized to execute in the name and under the seal of the State University on behalf of the Maritime College thereof, an agreement with the United States of America, acting through the Maritime Administration of the Department of Transportation, under the Maritime Academy Act of 1958 (Public Law 85-672) and applicable regulations, for annual payments in support of the Maritime College, including agreement to admit students resident in other states, and for subsidy payments with respect to students attending the Maritime College and further including agreements with other states to participate in a regional maritime academy whereby students from participating states are charged a special tuition rate of 150 percent of the tuition rate for State residents; provided, however, that students from participating states who have matriculated during or prior to the State University's 2009-10 fiscal year shall be charged a special tuition rate of 125 percent of the tuition rate for State students, in accordance with Federal requirements.

(b) The increased annual payment is support of the Maritime College upon condition of admitting students residents in other states shall be received in discharge of such amount of the established nonresident tuition charge rate as shall reduce it to the special rate described in subdivision (a) of this section in the case of such students admitted under Federal requirements.