AR SB136

Establishes three new higher education funds: Ozarka College Fund, Southeast Arkansas College Fund, and College of The Ouachitas Fund under Arkansas Code § 19-5-303, each to be used for maintenance, operation, and improvement of their respective institutions.

Amends Arkansas Code § 19-5-311 to reorganize technical college funds by moving Ozarka College and Southeast Arkansas College from the technical college section and renumbering the remaining funds (Black River Technical College, Pulaski Technical College, and Ouachita Technical College).

Establishes maximum revenue allocations of $4,727,500,000 for fiscal year 2012-2013 and thereafter, distributed among various state funds and educational institutions with specific dollar amounts listed for each fund account.

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

Takes effect July 1, 2012.