AR SCR3

Establishes three new higher education funds: 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 references to Ozarka College and Southeast Arkansas College funds within the technical college funding structure.

Modifies the Property Tax Relief Trust Fund (§ 19-5-1103(b)) to specify which revenue sources fund the trust, including statutory references to tax provisions.

Updates the Educational Adequacy Fund (§ 19-5-1227(b)(3)) to reference specific revenue-generating statutes that support the fund.

Takes effect July 1, 2012, with a provision that any funds appropriated by the Eighty-Eighth General Assembly from the Ouachita Technical College Fund shall be considered payable from the College of The Ouachitas Fund.