A community junior college may be established only when application therefor has been made to the State Regents by the governing board or boards of one or more cities, counties, towns and/or school districts having territory in such community, provided that existing accredited community junior colleges shall be deemed to have priority for inclusion in the fiscal budgeting for institutions of higher learning after the effective date of this act to fulfill the requirements as per Section 1408 of the act. Provided, that a community junior college may be established in a community consisting of a geographical area whose boundaries are not co-extensive with those of one or more cities, counties, towns and/or school districts, if the population of such area is not less than seventy-five thousand (75,000) and the net assessed valuation in such area is not less than Seventy-five Million Dollars ($75,000,000.00) to be determined by the State Regents, and an application therefor is made by petition signed by not less than five percent (5%) of the legal voters residing in such area. The application shall describe the boundaries of the community in which the community junior college will be established and maintained. The word "community" as used herein shall mean the area set forth in the application.
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