AR SB29

Allows the Office of the Arkansas Lottery to deposit excess funding returned by the Department of Higher Education into a trust account for scholarship awards and supplements.

Creates a new supplemental scholarship award program funded by excess lottery proceeds from the previous academic year, after transferring requested funds and maintaining a $20,000,000 Scholarship Shortfall Reserve Trust Account balance.

Restricts scholarship award supplements to the specific academic year for which they are awarded and prohibits supplements when no excess funds are available or when the department received a loan from the reserve trust account in the previous year.

Prevents the Scholarship Shortfall Reserve Trust Account from being drawn upon to fund scholarship award supplements under the new supplemental program.