§ 19-5-1279 — Arkansas Teacher Academy Scholarship Program Fund

(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the "Arkansas Teacher Academy Scholarship Program Fund". (b) The fund shall consist of funds authorized or provided by law. (c) The fund shall be used by the Division of Higher Education to create and maintain the Arkansas Teacher Academy Scholarship Program Act, § 6-82-2201 et seq., which shall include only the following expenses: (1) Reimbursing an eligible postsecondary institution for Arkansas Teacher Academy scholarships distributed under the Arkansas Teacher Academy Scholarship Program Act, § 6-82-2201 et seq., that cover the balance of tuition and fees for undergraduate, graduate, and postbaccalaureate students who are enrolled in the academy after all other financial gifts, financial aid, and grants have been received by academy attendees enrolled in an academy at eligible postsecondary institutions; (2) Supporting academy attendees who are currently employed by a public school district in the state; (3) Conducting induction services for academy graduates; and (4) (A) Implementing a marketing and promotion plan to recruit and retain students and teachers in the academy with particular emphasis on: (i) Prioritizing academy attendees who reflect the diversity of the state's student and teacher population; and (ii) Administering the academy. (B) However, annual expenditures for funds expended under subdivision (c)(4)(A) of this section shall not exceed three percent (3%) of moneys in the fund each fiscal year. (d) Moneys remaining in the fund at the end of each fiscal year may be used by an eligible postsecondary institution for academy costs in the next fiscal year.

Legislative History

Added by Act 2023, No. 237,§ 63, eff. 7/1/2023.