(1) (a) No later than July 1, 1973, and July 1 of each year thereafter prior to July 1, 2007, the state board shall determine the number of eligible boards of cooperative services and, subject to available appropriations, award a ten-thousand-dollar grant to each such eligible board. For budget years commencing on or after July 1, 2007, the state board, subject to available appropriations, shall award at least ten thousand dollars to each eligible board of cooperative services.

(b) If available moneys are insufficient to award each eligible board the amount specified in paragraph (a) of this subsection (1), the state board shall reduce proportionately all awards for eligible boards for that year.

(2) The state board shall certify to the state treasurer the name and address of, and the amount payable to, each eligible board of cooperative services. Upon receipt of such certification, but no later than July 15, 1973, and July 15 of each year thereafter, the state treasurer shall make distribution of the amount so certified to the respective boards of cooperative services.

(3) The general assembly shall annually make a separate appropriation to the state board to cover the estimated cost of the basic grants to eligible boards of cooperative services as set forth in subsection (1) of this section.

(4) For budget years commencing on or after July 1, 1996, any amount received by a board of cooperative services pursuant to this section must be used to fund professional educator development in standards-based education, as implemented through part 10 of article 7 of this title, in each school district that is a member of such board and in any nonmember school district that chooses to participate in a professional educator development program with any board of cooperative services.