§ 23-115-802 - Scholarship Shortfall Reserve Trust Account. [Effective July 1, 2010.]
23-115-802. Scholarship Shortfall Reserve Trust Account. [Effective July 1, 2010.]
(a) The Arkansas Lottery Commission 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) Thereafter, only an amount necessary to maintain the account in an amount equal to twenty million dollars ($20,000,000) shall be deposited into the account.
(3) Any amount in the trust 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) 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.
(d) This section is effective on July 1, 2010.