AR SB1

Creates a new sub-fund within the Restricted Reserve Fund called the "Arkansas Reserve Fund Set-Aside" on the books of the State Treasurer, State Auditor, and Chief Fiscal Officer.

Transfers $710,612,508 from the General Revenue Allotment Reserve Fund to the newly created Arkansas Reserve Fund Set-Aside upon the effective date of the act.

Allows the Chief Fiscal Officer to release funds from the Arkansas Reserve Fund Set-Aside to general revenue operating funds, the Miscellaneous Agencies Fund Account, and the State Central Services Fund with documented justification.

Requires approval from at least two-thirds of the Legislative Council or Joint Budget Committee members before any transfers from the Arkansas Reserve Fund Set-Aside can be made.

Makes the approval requirement non-severable, rendering the entire section void if a court rules the approval requirement unconstitutional.