(a) A special fund known as the Apprenticeship and Training Fund (“Fund”) is established and the State Treasurer shall invest the Fund consistent with the investment policies established by the Cash Management Policy Board. The State Treasurer shall credit interest to the Fund on a monthly basis consistent with the rate established by the Cash Management Policy Board.
(b) The following moneys must be deposited in the Fund:
(1) All payments made under § 6960A of Title 29.
(2) Any other money appropriated or transferred to the Fund by the General Assembly.
(c) The Department of Labor must allocate the money in the Fund at least annually, as follows:
(1) Twenty percent, after administrative costs, to the Apprenticeship and Training Section of the Department of Labor to do any of the following:
a. To promote and increase education and public awareness about registered apprenticeship and other occupational training.
b. To support pre-apprenticeship programs.
(2) Eighty percent, after administrative costs, to the Department of Education to support the related technical instruction of registered apprenticeship programs, including new areas of technical instruction for crafts that are in-demand by employers in this State, and to support pre-apprenticeship programs. The Department of Education shall disperse money from this Fund for the same purposes as other appropriations for adult trade extension and apprenticeship programs.
(3) No more than 15% of the money annually deposited into the Fund may be used for administering this Fund.
(d) Money in the Fund may not be used to supplant existing state funding.
(e) Notwithstanding paragraph (c)(3) of this section, money appropriated by the General Assembly to implement this section may be reimbursed from money received under this section.