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23-115-802. Scholarship Shortfall Reserve Trust Account.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-115-802. Scholarship Shortfall Reserve Trust Account.
(a) The Office of the Arkansas Lottery shall maintain a Scholarship Shortfall Reserve Trust Account.
(b)(1) An amount equal to four percent (4%) of the total amount of net proceeds disbursed during the preceding fiscal year in the form of scholarships and grants for higher education shall be deposited from lottery proceeds each year until the amount in the account equals twenty million dollars ($20,000,000).
(2)(A) Thereafter, only the amount necessary to maintain the account in an amount equal to twenty million dollars ($20,000,000) shall be deposited into the account after the repayment of any loan made from the Executive Discretionary Division Section 3(d) of the General Improvement Distribution Act of 2015, identical Acts 2015, Nos. 1146 and 1147, before June 30, 2016, to the Division of Higher Education for the Arkansas Academic Challenge Scholarship Program — Part 2 has been satisfied.
(B) A loan made from the Executive Discretionary Division Section 3(d) of the General Improvement Distribution Act of 2015, identical Acts 2015, Nos. 1146 and 1147, to the division for the Arkansas Academic Challenge Scholarship Program — Part 2 shall not exceed one million five hundred thousand dollars ($1,500,000).
(3) Any amount in the account exceeding twenty million dollars ($20,000,000) shall be considered net proceeds and shall be deposited annually into one (1) or more trust accounts at one (1) or more financial institutions by July 1 of each year.
(c)(1) Except as provided in subdivision (c)(2) of this section, if net proceeds in any year are not sufficient to meet the amount allocated for higher education scholarships, the account may be drawn upon to meet the deficiency.
(2) The account shall not be dr
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-115-802
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-115-802
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c475e1e0155fb4f2c37a44e01c5b68e0609e185fb554be7f3c625cdb9953f723
Source location: content.xml paragraph 66931
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23-115-802. Scholarship Shortfall Reserve Trust Account.
(a) The Office of the Arkansas Lottery shall maintain a Scholarship Shortfall Reserve Trust Account.
(b)(1) An amount equal to four percent (4%) of the total amount of net proceeds disbursed during the preceding fiscal year in the form of scholarships and grants for higher education shall be deposited from lottery proceeds each year until the amount in the account equals twenty million dollars ($20,000,000).
(2)(A) Thereafter, only the amount necessary to maintain the account in an amount equal to twenty million dollars ($20,000,000) shall be deposited into the account after the repayment of any loan made from the Executive Discretionary Division Section 3(d) of the General Improvement Distribution Act of 2015, identical Acts 2015, Nos. 1146 and 1147, before June 30, 2016, to the Division of Higher Education for the Arkansas Academic Challenge Scholarship Program — Part 2 has been satisfied.
(B) A loan made from the Executive Discretionary Division Section 3(d) of the General Improvement Distribution Act of 2015, identical Acts 2015, Nos. 1146 and 1147, to the division for the Arkansas Academic Challenge Scholarship Program — Part 2 shall not exceed one million five hundred thousand dollars ($1,500,000).
(3) Any amount in the account exceeding twenty million dollars ($20,000,000) shall be considered net proceeds and shall be deposited annually into one (1) or more trust accounts at one (1) or more financial institutions by July 1 of each year.
(c)(1) Except as provided in subdivision (c)(2) of this section, if net proceeds in any year are not sufficient to meet the amount allocated for higher education scholarships, the account may be drawn upon to meet the deficiency.
(2) The account shall not be drawn upon to fund Arkansas Workforce Challenge Scholarships under the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., or Arkansas Concurrent Challenge Scholarships under the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-85-301. Creation.
There is created the Arkansas Workforce Challenge Scholarship Program.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-85-301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-85-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-85-401. Creation.
There is created the Arkansas Concurrent Challenge Scholarship Program.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-85-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-85-401. This identifies an authority to review, not proof of applicability.