§ 6-64-1004 - Athletics Instruction Fund.
6-64-1004. Athletics Instruction Fund.
(a) The Board of Trustees of the University of Arkansas is empowered and directed to earmark a sufficient percentage of receipts from ticket sales for its football games and from concessions of any and all kinds related to the games, which percentage of receipts shall be set up on the books of the University of Arkansas and designated the Athletics Instruction Fund.
(b) In arriving at the percentage to be allocated to this fund, the board of trustees shall take into consideration the receipts from ticket sales and concessions during the preceding football season. This practice shall be followed each year, with the percentage for each year being that which, applied to the preceding year's receipts, would have produced twelve thousand five hundred dollars ($12,500) for the fund.
(c) This fund shall be used for no purpose other than payment of the salary of the head football coach.
(d) (1) Authority is granted the board of trustees to enter into a contract of a period of time not to exceed five (5) years with a head football coach.
(2) In the event the fund should fall below the amount necessary to meet the salary requirements, the board of trustees may transfer to it from any available funds sufficient to make up the deficiency.
(e) It is not the purpose of this section to require that a salary of twelve thousand five hundred dollars ($12,500) be paid to the head football coach; but the object of this section is to enable the board of trustees to provide a salary in that sum when, and if, it feels conditions justify or necessitate.