AR HB1163

Establishes three new higher education funds: Ozarka College Fund, Southeast Arkansas College Fund, and College of The Ouachitas Fund, each consisting of general revenues and other funds required by law to be deposited into the State Treasury.

Amends technical college fund provisions by reorganizing fund structure and removing duplicate Ozarka College Fund language from the Technical College section, with funds for Black River Technical College, Pulaski Technical College, and Ouachita Technical College.

Sets maximum allocation of $4,727,500,000 in general revenues to be distributed monthly beginning July 1, 2012, among various state funds including education, human services, government operations, and higher education institutions with specific dollar amounts for each.

Transfers $1,500,000 from Unclaimed Property Proceeds Trust Fund to Mid-South Community College Fund and $1,000,000 to Higher Education Grants Fund Account for scholarships.

Effective July 1, 2012, and updates Property Tax Relief Trust Fund and Educational Adequacy Fund revenue sources under the Arkansas Revenue Stabilization Law.