(1) There is created in the department the advanced placement exam fee grant program to increase the number of eligible students who take advanced placement exams and receive scores for which college academic credit is awarded by providing funds to high schools to pay all or a portion of advanced placement exam fees on behalf of eligible students.

(2) The department shall administer the grant program in accordance with state board rules. The department shall:

(a) Accept and review grant applications received from high schools;

(b) Determine the amount, based on available appropriations, that will be awarded for each advanced placement exam that will be administered to an eligible student; and

(c) Award grants, at the amount set for each exam that will be administered to an eligible student, determined pursuant to subsection (2)(b) of this section, to each high school that has submitted an application.

(3) The amount set by the department for each advanced placement exam pursuant to subsection (2)(b) of this section must be the same for each exam, regardless of the subject of the exam.

(4) Pursuant to article 4 of title 24, the state board shall promulgate rules to implement the grant program, including rules relating to:

(a) The application process, including application requirements and deadlines;

(b) A process for verifying student eligibility; and

(c) Deadlines for the department to award grants.

(5) A high school that receives an award pursuant to this section shall use the entire amount awarded to pay all or a portion of advanced placement exam fees on behalf of eligible students who will take an advanced placement exam in the amount set for each exam by the department pursuant to subsection (2)(b) of this section.