(b) The sum of three million dollars ($3,000,000) is hereby authorized to be expended from the State Dentistry Fund on this program. These moneys are appropriated as follows:

1. (1) One million dollars ($1,000,000) shall be transferred from the fund to the account on July 1, 2003. Of this amount, sixty-five thousand dollars ($65,000) shall be used by the board in the 2003–04 fiscal year for operating expenses necessary to manage this program.
2. (2) One million dollars ($1,000,000) shall be transferred from the fund to the account on July 1, 2004. Of this amount, sixty-five thousand dollars ($65,000) shall be used by the board in the 2004–05 fiscal year for operating expenses necessary to manage this program.
3. (3) One million dollars ($1,000,000) shall be transferred from the fund to the account on July 1, 2005. Of this amount, sixty-five thousand dollars ($65,000) shall be used by the board in the 2005–06 fiscal year for operating expenses necessary to manage this program.

(c) Funds placed into the account shall be used by the board to repay the loans per agreements made with dentists.

1. (1) Funds paid out for loan repayment may have a funding match from foundation or other private sources.
2. (2) Loan repayments shall not exceed one hundred five thousand dollars ($105,000) per individual licensed dentist.
3. (3) Loan repayments shall not exceed the amount of the educational loans incurred by the dentist applicant.