Browse Arkansas Code titles and sections
6-85-404. Funding.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-85-404. Funding.
(a) For an academic year, Arkansas Concurrent Challenge Scholarships under this subchapter shall be funded with any funds remaining after the Division of Higher Education allocates sufficient funding to award Arkansas Workforce Challenge Scholarships under § 6-85-301 et seq., at a level equivalent to the awards made in the previous academic year.
(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 Scholarship Shortfall Reserve Trust 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) · 6-85-404
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:6-85-404
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c09fc520e3b3bf3f942e62097a3e9b4be4c82b8f8a903c9fa1fa63c3eaf79b53
Source location: content.xml paragraph 46683
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6-85-404. Funding.
(a) For an academic year, Arkansas Concurrent Challenge Scholarships under this subchapter shall be funded with any funds remaining after the Division of Higher Education allocates sufficient funding to award Arkansas Workforce Challenge Scholarships under § 6-85-301 et seq., at a level equivalent to the awards made in the previous academic year.
(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 Scholarship Shortfall Reserve Trust 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
23-115-802. 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
6-85-301. 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.