(1) There is hereby established in the state treasury the industry partner fund. The fund shall consist of moneys made available through legislative transfers and appropriations, and from any other source. The Idaho technical college leadership council (TCLC) and the administrator of the division of professional-technical [career technical] education shall together administer the fund pursuant to the provisions of this section, and for the purpose of providing timely access to relevant college credit and noncredit training and support projects. If practicable, such training and projects may result in Idaho public college credits, certificates, certifications, qualifications or microcertifications of value toward postsecondary certificates or degrees.
(2) The professional-technical [career technical] colleges may work with regional industry partners to provide a rapid response to gaps in skills and abilities using moneys from the fund. Any professional-technical [career technical] college seeking to use moneys from the fund for this purpose must submit a proposal documenting established needs to the TCLC and administrator for approval. The TCLC and administrator shall consider the proposals in light of regional demand, labor market information, wage thresholds, impact potential and degree of employer commitment. Preference will be given to proposals with multiple employers, number of impacted workers and demonstrated commitment. Demonstrated commitment must include a promissory contribution, either in terms of cash or in-kind contribution to the project cost with highest consideration given to match proposals. Within thirty (30) days of receipt of a proposal, the TCLC and administrator shall notify in writing the professional-technical [career technical] college as to whether the proposal has been approved.
(3) The state board for professional-technical [career technical] education may promulgate rules to implement the provisions of this section.
(4) No later than February 1 of each year, the TCLC and the administrator of the division of professional-technical [career technical] education shall provide a report to the joint finance-appropriations committee, the legislative services office, budget and policy analysis, the division of financial management within the governor’s office and to the education committees of the senate and the house of representatives, details regarding the proposals submitted, the proposals approved, the expenditures made from the industry partner fund and any other information requested by the legislature.