(a) The State Board of Education, subject to appropriation by the General Assembly for this purpose, is authorized to provide matching grants to local school systems for the implementation, support, and expansion of education partnership activities.

(b) The State Board of Education is authorized to formulate such rules and regulations as it deems necessary to implement this Code section.

(c) Each local school system desiring to apply for such grants shall submit a local partnership plan to the State Board of Education containing such information as that board deems necessary to reflect adequately the needs and accomplishments of the local school system in its education partnership activities. Such plans shall contain as a minimum, but not restricted to, a budget for education partnership activities, the estimated value of the previous year's partnership activities, and the number of individuals, businesses, and other organizations involved with partnership activities.

(d) Should state funds be inadequate to fund all local partnership plans, the State Board of Education shall increase the local matching requirements pro rata for each local school system applying for such grants.