(

a) By June of each year, the Chancellor of the California Community Colleges shall apportion to each community college district that establishes a program pursuant to this

article an amount that equals up to one-half of the total cost of the individual premiums required to be paid for the health insurance coverage of participating part-time faculty, multidistrict part-time faculty, and their dependents in the district. (

b) By June of each year, the chancellor shall apportion any remaining funds appropriated for this program to each community college district that establishes a program pursuant to this

article and meets all of the following criteria, up to the total cost of the individual premiums required to be paid for the health insurance coverage of participating part-time faculty, multidistrict part-time faculty, and their dependents in the district:

(1) Offers health insurance coverage to all part-time faculty who meet the requirements in subdivision (

c) of

Section 87861.

(2) Offers part-time faculty the same health insurance benefits provided to the full-time faculty at the community college district.

(3) Limits individual premiums paid by part-time faculty to no more than the actual individual premium paid by full-time faculty in that district.

(4) Offers health insurance coverage to all multidistrict part-time faculty who meet the requirements in subdivision (

b) of

Section 87861, and pursuant to

Section 87865. (

c) The chancellor shall distribute funds that have been appropriated specifically for this purpose, and pursuant to subdivisions (

a) and (b), proportionally based on each community college district’s total costs for premiums for those districts that submit verification of the costs of premiums for eligible employees for a fiscal year, but in no event shall the allocation to any district exceed the full cost of the verified premiums. (

d) If funds appropriated for this purpose remain after all apportionments for subdivisions (

a) and (

b) have been made, the balance that exceeds that amount shall revert to the General Fund annually.