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6-85-303. Funding.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-85-303. Funding.
(a) For an academic year, the following shall be used to fund Arkansas Workforce Challenge Scholarships under this subchapter:
(1) Excess funding returned to the Office of the Arkansas Lottery under § 6-85-212(e)(2)(B)(i) from the previous academic year; and
(2) Net proceeds remaining from the previous academic year after the office:
(A) Transfers the funds requested by the Division of Higher Education under § 23-115-801(c)(2); and
(B) Deposits the amount necessary to maintain the Scholarship Shortfall Reserve Trust Account under § 23-115-802 in an amount equal to twenty million dollars ($20,000,000).
(b)(1) A scholarship under this subchapter shall not be awarded for an academic year if:
(A) Less than two hundred fifty thousand dollars ($250,000) is available under subsection (a) of this section; or
(B) The division received a loan from the account under § 23-115-802 for the Arkansas Academic Challenge Scholarship Program — Part 2, § 6-85-201 et seq., for the previous academic year.
(2) Any funds under subsection (a) of this section that are not disbursed for scholarships under this subchapter shall be carried over to the next academic year to be used for scholarships under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-85-303
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:6-85-303
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f763b4c1f6c922f5a733b735a1ab65dd18f8125b5c9542f93d1ec565aa31e819
Source location: content.xml paragraph 46551
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6-85-303. Funding.
(a) For an academic year, the following shall be used to fund Arkansas Workforce Challenge Scholarships under this subchapter:
(1) Excess funding returned to the Office of the Arkansas Lottery under § 6-85-212(e)(2)(B)(i) from the previous academic year; and
(2) Net proceeds remaining from the previous academic year after the office:
(A) Transfers the funds requested by the Division of Higher Education under § 23-115-801(c)(2); and
(B) Deposits the amount necessary to maintain the Scholarship Shortfall Reserve Trust Account under § 23-115-802 in an amount equal to twenty million dollars ($20,000,000).
(b)(1) A scholarship under this subchapter shall not be awarded for an academic year if:
(A) Less than two hundred fifty thousand dollars ($250,000) is available under subsection (a) of this section; or
(B) The division received a loan from the account under § 23-115-802 for the Arkansas Academic Challenge Scholarship Program — Part 2, § 6-85-201 et seq., for the previous academic year.
(2) Any funds under subsection (a) of this section that are not disbursed for scholarships under this subchapter shall be carried over to the next academic year to be used for scholarships under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-115-801. Lottery proceeds.
(a)(1) Lottery proceeds are the property of the Office of the Arkansas Lottery.
(2)(A) The office shall pay its operating expenses from its lottery proceeds.
(B)(i) An amount of lottery proceeds determined by the office to maximize net proceeds for scholarships shall be made available as prize money.
(ii)(a) Subdivision (a)(2)(B)(i) of this section does not create any lien, entitlement, cause of action, or other private right.
(b) In setting the terms of a lottery, the office shall determine any rights of holders of tickets or shares.
(3) The percentage of lottery proceeds determined by the office to be net proceeds shall equal an amount determined by the office to maximize net proceeds for scholarships.
(b)(1)(A) On or before the fifteenth day of each month, the office shall deposit the net proceeds from the lottery into one (1) or more trust accounts at one (1) or more financial institutions.
(B)(i) The office shall establish trust accounts for both the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., and the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., in a financial institution into which the office shall transfer:
(a) Excess funding returned to the office under § 6-85-212(e)(2)(B)(i) from the previous academic year; and
(b) Net proceeds remaining from the previous academic year after the office:
(1) Transfers under subdivision (c)(2) of this section the funds requested by the Division of Higher Education; and
(2) Deposits the amount necessary into the Scholarship Shortfall Reserve Trust Account under § 23-115-802 to maintain an amount equal to twenty million dollars ($20,000,000).
(ii) The funds transferred by the office into trust accounts for the Arkansas Workfo
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-115-801
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 23-115-801. This identifies an authority to review, not proof of applicability.
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. The source passage cites 23-115-802. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-85-201. Findings.
The General Assembly finds that:
(1) In approving Arkansas Constitution, Amendment 87, the citizens of this state provided an opportunity to increase the resources provided for higher education scholarships and grants through a state lottery;
(2) The net proceeds from the state lottery, in addition to existing nonlottery state educational resources for scholarships and grants, will:
(A) Encourage associate degree, certificate of proficiency program, and technical certificate program recipients and university juniors to complete a baccalaureate degree;
(B) Provide opportunities for students more than one (1) year out of high school to enter or reenter higher education;
(C) Provide an improved system of communication to students and parents about opportunities for higher education scholarships and grants in Arkansas; and
(D) Provide an evaluation and analysis of all state funding for scholarships and grants and how the funding advances the state's goals for higher education; and
(3) Changes to the Arkansas Academic Challenge Scholarship Program — Part 2 may be necessary from time to time to ensure the solvency of the program by spreading the program liabilities over a period of time while ensuring that there are scholarship dollars available for students who successfully complete their courses.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-85-201
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 6-85-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-85-212. Scholarship award amounts.
(a) The General Assembly may use net proceeds from the state lottery to fund the scholarships awarded under this subchapter and to supplement the state-supported student financial assistance that the General Assembly determines is necessary to meet the state's objective for broadening and increasing access of Arkansas citizens to higher education.
(b) Net proceeds from the state lottery used to fund scholarships under this subchapter shall:
(1) Be used exclusively for the purposes set out in Arkansas Constitution, Amendment 87, and this subchapter; and
(2) Supplement and shall not supplant nonlottery state educational resources.
(c) It is the General Assembly's intent that before increasing award amounts for scholarships under this subchapter, the number of scholarships awarded to nontraditional students under § 6-85-208 be increased.
(d) The scholarships established under this subchapter are subject to available funding and do not create for any student an entitlement to financial assistance to enable the student's attendance at an approved institution of higher education.
(e)(1)(A) Beginning with the 2016-2017 academic year, the scholarship award amount under this subchapter for an academic year for a full-time recipient enrolled in a four-year approved institution of higher education is:
(i) One thousand dollars ($1,000) for a recipient who has earned less than twenty-seven (27) semester credit hours;
(ii) Four thousand dollars ($4,000) for a recipient who has earned at least twenty-seven (27) semester credit hours but less than fifty-seven (57) semester credit hours;
(iii) Four thousand dollars ($4,000) for a recipient who has earned at least fifty-seven (57) semester credit hours but less than eighty-seven (8
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-85-212
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 6-85-212. This identifies an authority to review, not proof of applicability.