The proposed bill establishes the "nuclear and hydrogen education grant program fund" aimed at supporting postsecondary educational institutions in Michigan that develop or enhance programs leading to degrees or credentials in the nuclear and hydrogen sectors. The fund will be created within the state treasury, with the state treasurer responsible for managing its assets, including investments and interest earnings. The bill outlines that the funds will not lapse to the general fund at the end of the fiscal year and mandates that the department administers the fund, specifically for the purpose of awarding grants to qualifying educational programs.

Additionally, the bill stipulates that the disbursement of funds will occur only through appropriations made for the grants, ensuring that the financial support is directed solely towards the establishment or expansion of qualified education programs as defined in the nuclear and hydrogen education grant program act. The enactment of this bill is contingent upon the passage of several related bills in the 103rd Legislature, indicating a coordinated legislative effort to bolster education in these critical industries.