(1) There is created a Medical Education Program to be administered by UMEC in cooperation with the Division of Finance.
(2) The program shall be funded from money received for graduate medical education from:
(a) the federal Centers for Medicare and Medicaid Services or other federal agency;
(b) state appropriations; and
(c) donation or private contributions.
(3) All funding for this program shall be nonlapsing.
(4) Program money may only be expended if:
(a) approved by UMEC; and
(b) used for graduate medical education in accordance with Subsection 26B-4-708(4).