AR SCR1

Authorizes the Joint Budget Committee to introduce a bill amending the Revenue Stabilization Law effective July 1, 2012.

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

Amends Arkansas Code § 19-5-311 to reorganize technical college funds, consolidating Ozarka College and Southeast Arkansas College within the technical college fund structure and renaming Ouachita Technical College Fund to College of The Ouachitas Fund.

Modifies the Property Tax Relief Trust Fund and Educational Adequacy Fund by updating statutory references to tax code sections that generate revenues for these funds.

Provides that any funds appropriated by the Eighty-Eighth General Assembly from the Ouachita Technical College Fund shall be deemed payable from the College of The Ouachitas Fund.