(a) THEC shall establish and administer a qualified work-based learning grant program to incentivize employer participation in work-based learning and to assist employers with costs associated with work-based learning.
(b) There is created a separate fund within the general fund to be known as the qualified work-based learning grant fund.
(c) The grant fund is composed of:
(1) Funds specifically appropriated by the general assembly for the grant fund; and
(2) Gifts, grants, and other donations received for the grant fund.
(d) Moneys in the grant fund must be invested by the state treasurer for the benefit of the grant fund in accordance with § 9-4-603. Interest accruing on investments and deposits of the grant fund must be returned to the grant fund and remain part of the grant fund.
(e) Any unencumbered funds and any unexpended balance of the grant fund remaining at the end of any fiscal year must not revert to the general fund, but must be carried forward until expended in accordance with this section.
(f) Moneys in the grant fund may only be expended with THEC's approval and in accordance with this section.
(g) THEC shall select a program operator to administer the program established by this part and shall issue a grant from funds available in the qualified work-based learning grant fund to the program operator selected by THEC.
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