(a) (1) The Electrical Energy Advancement Program Fund Board shall make recommendations to the Arkansas Statewide Energy Consortium concerning the funding, funding ratios, and maximum amounts to be made available among the proposals and programs for:

(A) Competitive undergraduate scholarships for Arkansas residents in the field of electrical and electronic engineering at the member universities of the consortium, to be given in accordance with institutional guidelines; and

(B) Competitive graduate fellowships for master's and doctoral students in electrical and electronic engineering at member universities of the consortium, to be given in accordance with institutional guidelines with preference given to Arkansas residents.

(2) One-time project costs may include without limitation the cost of:

(A) Facilitating the hiring of new tenure-track faculty at each of the consortium member institutions to increase the capacity and expertise of each university to:

(i) Perform research; and

(ii) Successfully return that research to the classroom for the benefit of the entire consortium;

(B) Expediting economic development through research by providing startup funds for successful applicants;

(C) Continuing education programs to serve practicing engineers in the energy sector whose professional licensure or registration requires at least fifteen (15) hours of continuing education annually; and

(D) Collaborative research projects between and among the consortium member institutions.

(b) The board may base its recommendations for use of the funds on a proposal's:

(1) Technical merit;

(2) Potential impact on the state's economic growth; and

(3) Potential for strengthening the state's electrical energy education programs.

(c) (1) Annually by June 30, the board shall:

(A) Report its actions to the Governor; and

(B) Provide a copy of the report to the agencies included in the report's recommendations.

(2) The board may provide the report required under this subsection by electronic means or by a printed copy.

(d) The board shall promulgate rules to implement this section.