(1) submit an application in accordance with federal law for a demonstration project to the Centers for Medicare and Medicaid Services before December 31, 1997, for the purpose of receiving and disbursing federal funds for direct and indirect graduate medical education expenses;

(2) seek private and public contributions for the program;

(3) study and recommend options for financing graduate medical education to the board and the Legislature;

(4) advise the board and the Legislature on the status and needs of health care professionals in training;

(5) determine the method for reimbursing institutions that sponsor health care professionals in training;

(6) determine the number and type of positions for health care professionals in training for which program money may be used;

(7) distribute program money for graduate medical education in a manner that: (a) prepares postgraduate medical residents, as defined by the accreditation council on graduate medical education, for inpatient, outpatient, hospital, community, and geographically diverse settings; (b) encourages the coordination of interdisciplinary clinical training among health care professionals in training; (c) promotes stable funding for the clinical training of health care professionals in training; and (d) only funds accredited clinical training programs; and

(a) prepares postgraduate medical residents, as defined by the accreditation council on graduate medical education, for inpatient, outpatient, hospital, community, and geographically diverse settings;

(b) encourages the coordination of interdisciplinary clinical training among health care professionals in training;

(c) promotes stable funding for the clinical training of health care professionals in training; and

(d) only funds accredited clinical training programs; and

(8) project the demand for individuals to enter a nursing profession as described in Section 53B-26-202.