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(1) The board shall develop, establish, and maintain:
(a) a Jobs Now Initiative, to promote workforce preparation programs that meet critical needs and shortages throughout the state; and
(b) economic development initiatives within the Utah system of higher education.
(2) The initiatives specified in Subsection (1) shall provide support for technical training expansion that trains skilled potential employees within a period not to exceed 12 months for technical jobs in critical needs occupations and other innovative economic development policy initiatives.
(3)
(a) Subject to future budget constraints, the Legislature shall provide an annual appropriation to the board to fund the Jobs Now Initiative established in Subsection (1)(a).
(b)
(i) The board shall allocate the appropriation for the Jobs Now Initiative to technical colleges.
(ii) A technical college shall use money received under Subsection (3)(b)(i) for technical training expansion referred to in Subsection (2).
(c) Subject to future budget constraints, the Legislature shall provide an annual appropriation to the board to fund economic development initiatives established pursuant Subsection (1)(b).
(d) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the board shall make rules to implement the initiatives described in Subsection (1).