2.__Eligibility requirements.__Eligibility requirements must be established by rule of the authority in consultation with the Governor and, at a minimum, must include:

A.__That the applicant has received a bachelor's degree or graduate degree within 2 years of the date of application;

B.__That the applicant has outstanding education loans; and

C.__That the applicant is willing to accept and maintain employment in an eligible employment position.

3.__Application.__An application to the program must be made directly to the authority at a time and in a format to be determined by the authority.

4.__Maximum loan repayment.__The maximum loan repayment amount available to a participant in the program is $5,000 per year for a maximum of 4 years.

5.__Loan repayment agreement; provisions.__The authority shall enter into loan repayment agreements with participants in the program on terms and conditions acceptable to the authority, which at a minimum must require the participant and the participant's employer to certify annually, before any payment by the authority under the loan repayment agreement may be made, that the participant has been employed in an eligible employment position for the preceding 12-month period.

§12533.__Nonlapsing fund

A nonlapsing, interest-earning, revolving fund under the jurisdiction of the authority is created to carry out the purposes of this chapter.__The authority may receive, invest and expend, on behalf of the fund, money from gifts, grants, bequests and donations in addition to money appropriated or allocated by the State.__Money received by the authority under this chapter must be invested by the authority, as provided by law, with the earned income to be added to the fund.__Money in the fund must be used for the designated purposes of the fund and for the payment of administrative costs incurred by the authority for the operation of the program.

§12534.__Rules

The authority shall establish rules necessary to implement this chapter.__Rules adopted pursuant to this section are routine