(1) The advisory board shall recommend policies and procedures for the awarding of state funding that creates and/or provides sustaining support for the desired number of ACGME accredited Family Medicine residency programs and other valued and needed ACGME residencies approved by the advisory board that will accept both M.D. and D.O. students.

(2) UMMC with the input of the advisory board shall have the authority to award financial support, from funds specifically appropriated for that purpose by the Legislature, of up to Three Million Dollars ($3,000,000.00) to any hospital or entity with demonstrated commitment and resources, as determined by UMMC with input from the advisory board, to establish and operate an ACGME accredited Family Medicine residency program or other GME program qualifying under subsection (1) of this section. The funds will be dispersed at the determination of UMMC, with input from the advisory board, and may include start-up funding and/or provide sustaining support for residency programs.

(3) Each applicant for state financial support for creation of an ACGME residency program as authorized under this section must submit an application to UMMC through the Office of Mississippi Physician Workforce that conforms to requirements established by this chapter and by UMMC with input from the advisory board.

(4) In selecting recipients for state financial support authorized under this section, following criteria and recommendations from the advisory board, UMMC may use its discretion to award funding based on demographic needs and the future success of the residency program.

(5) An applicant for state financial support for creation of an ACGME accredited residency program may receive funding only upon approval of UMMC with input from the advisory board.