(1) The Legislature shall provide an annual appropriation to help fund the faculty incentive component of the Engineering and Computer Science Initiative established under Section 53H-1-602.
(2) The appropriation shall be used to hire, recruit, and retain outstanding faculty in engineering, computer science, and related technology fields under guidelines established by the commissioner of higher education, under the direction of the board.
(3)
(a) An institution of higher education shall match the appropriation on a one-to-one basis in order to qualify for state money appropriated under Subsection (1).
(b)
(i) Qualifying institutions shall annually report their matching dollars to the board.
(ii) The commissioner of higher education shall make a summary report of the institutional matches.
(4) The commissioner of higher education, under the direction of the board shall make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, establishing policies and procedures to apply for and distribute the state appropriation to qualifying institutions.