§ 19-12-111 - Creation of Arkansas Biosciences Institute Program Account.
19-12-111. Creation of Arkansas Biosciences Institute Program Account.
(a) There is hereby created a trust fund on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State, within the Tobacco Settlement Program Fund maintained by the State Board of Finance, an account to be known as the Arkansas Biosciences Institute Program Account. Such account shall be used by the Arkansas Biosciences Institute and its members for such purposes and in such amounts as may be appropriated in law.
(b) On each July 1, there shall be transferred from the fund to the account the amount specified in 19-12-108(d)(1)(B).
(c) All moneys deposited into the account except for investment earnings shall be used for the purposes set forth in 19-12-115 or such other purposes as may be appropriated in law.
(d) Moneys remaining in the account at the end of the first fiscal year of a biennium shall be carried forward and used for the purposes provided by law. Such amounts that remain at the end of a biennium shall be transferred to the fund pursuant to 19-12-108(e).