AR SB105

Appropriates $8,450,190 to the Arkansas Student Loan Authority for fiscal year 2011-2012, payable from the agency's cash funds, including regular salaries ($399,109), personal services matching ($107,956), operating expenses ($225,997), conferences and travel ($22,839), and professional fees ($7,694,289).

Establishes a maximum of 6 regular employees for the authority including a Director, Chief Financial Officer, Finance Specialist, Fiscal Support Supervisor, Program Coordinator, and Student Loan Officer.

Requires the agency to request legal services from the Arkansas Attorney General before employing outside attorneys, with certification required for each special counsel engagement or annually for retainer-based counsel.

Requires all fund disbursements to comply with state procurement laws, accounting procedures, revenue stabilization laws, salary restrictions, and regulations from the Department of Finance and Administration.

Declares an emergency effective July 1, 2011, to ensure continuous agency operations, as Arkansas Constitution prohibits appropriations for more than one year.