The State Board shall develop a funding formula to distribute funds for the Illinois Pipeline for the Advancement of the Healthcare (PATH) Workforce Program, a program that is hereby established and designed to create, support, and expand opportunities of individuals enrolled at a public community college in a healthcare pathway, to obtain credentials, certificates, and degrees that allow them to enter into or advance their careers in the healthcare industry. The State Board shall adopt rules as necessary to implement the funding formula and distribute the funds to Illinois community colleges.