(a) The Arkansas Higher Education Coordinating Board and the State Board of Career Education shall approve applications based on their potential to create an effective tech-prep education program as provided in this subchapter.

(b) The two (2) boards shall give special consideration to applications which:

(1) Provide for effective employment placement activities or transfer of students to four-year baccalaureate degree programs;

(2) Are developed in consultation with business, industry, and labor unions; and

(3) Address effectively the issues of dropout prevention and reentry and the needs of minority youths, youths of limited English proficiency, youths with handicaps, and disadvantaged youths.

(c) In making grants under this subchapter, the two (2) boards shall ensure an equitable distribution of assistance throughout the state, and shall ensure an equitable distribution of assistance between urban and rural consortium participants.

(d) In the case of grants made by the two (2) boards, each grant recipient shall, with respect to assistance received under this subchapter, submit to the secretary such reports as may be required by the secretary to ensure that such grant recipient is complying with the requirements of this subchapter.

(e) After grant recipients who receive grants in the first year in which grants are made under this subchapter complete their eligibility under the program, the directors shall submit to the General Assembly a report evaluating the effectiveness of the program under this subchapter.