(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Educational Adequacy Fund”.
(b) After the Treasurer of State has made deductions from the revenues under § 19-5-203(b)(2)(A), the Educational Adequacy Fund shall consist of:
(1) All net revenues collected due to enactments of the Eighty-Fourth General Assembly meeting in Second Extraordinary Session, unless a different distribution of those additional net revenues is otherwise provided in the act creating those additional net revenues;
(2) The revenues credited to the Educational Adequacy Fund under § 26-54-113(b)(2);
(3) The revenues generated by § 26-52-302(d), § 26-52-316, § 26-52-317(c)(1)(C), § 26-52-319(a)(2)(C), § 26-53-107(d), § 26-53-145(c)(1)(C), § 26-53-148(a)(2)(C), § 26-56-224(c)(3), and § 26-57-1002(d)(1)(A)(ii); and
(4) Other revenues as provided by law.
(c)
(1) The Chief Fiscal Officer of the State will determine, from time to time, the amount of funds required from the Educational Adequacy Fund which, when added to other resources available to the Division of Elementary and Secondary Education Public School Fund Account of the Public School Fund and the Division of Elementary and Secondary Education Fund Account of the Education Fund, is needed to fulfill the financial obligation of the state to provide an adequate educational system as authorized by law and shall certify the amounts to the Treasurer of State.
(2) At the end of each month, the Treasurer of State shall transfer all moneys available from the Educational Adequacy Fund to the Division of Elementary and Secondary Education Public School Fund Account of the Public School Fund and to the Division of Elementary and Secondary Education Fund Account of the Education Fund until the sum of all transfers from the Educational Adequacy Fund equals the amounts determined in subdivision (c)(1) of this section, there to be used as determined by law.
(d) In the event the Chief Fiscal Officer of the State determines that the transfers from the Educational Adequacy Fund, when added to the other resources available to the Division of Elementary and Secondary Education Public School Fund Account of the Public School Fund, are not sufficient to meet the state's financial obligation to provide an adequate educational system as authorized by law, the additional amount required shall be transferred from the other funds and fund accounts, except the Educational Facilities Partnership Fund Account, within § 19-5-402 and § 19-5-404(a) [repealed] based upon the proportion that each of the remaining funds and fund accounts, excluding the Educational Facilities Partnership Fund Account, bears to the total of the remaining funds and fund accounts in § 19-5-402 and § 19-5-404(a) [repealed].
Structure Arkansas Code
Chapter 5 - Revenue Stabilization Law
Subchapter 12 - Miscellaneous Funds Continued
§ 19-5-1205. Youth Services Facilities Needs Fund
§ 19-5-1206. Building Authority Division Real Estate Fund
§ 19-5-1209. Rural Physician Incentive Revolving Fund
§ 19-5-1211. Department of Labor and Licensing Special Fund
§ 19-5-1213. Arkansas Athletic Commission Fund
§ 19-5-1217. Computer and Electronic Recycling Fund
§ 19-5-1219. Department of Economic Development Super Projects Fund
§ 19-5-1220. Drug Prevention and Intervention Program Fund
§ 19-5-1221. Port Priority Improvement Fund
§ 19-5-1225. Nonpartisan Filing Fee Fund
§ 19-5-1227. Educational Adequacy Fund
§ 19-5-1228. Area Agencies on Aging Fund
§ 19-5-1229. Purchase and Corporate Travel Card Program Fund
§ 19-5-1230. UAMS Cancer Research Center Matching Fund
§ 19-5-1231. Economic Development Incentive Quick Action Closing Fund
§ 19-5-1232. Division of Workforce Services Unemployment Insurance Administration Fund
§ 19-5-1234. Division of Workforce Services Fund
§ 19-5-1235. Science, Technology, Engineering, and Math Fund
§ 19-5-1236. Technology Acceleration Fund
§ 19-5-1237. Innovate Arkansas Fund
§ 19-5-1238. Sustainable Building Design Revolving Loan Fund
§ 19-5-1239. Newborn Umbilical Cord Blood Initiative Fund
§ 19-5-1240. Minority and Women-Owned Business Loan Mobilization Revolving Fund
§ 19-5-1241. Trial Court Administrator Fund
§ 19-5-1242. Fire Protection Licensing Fund
§ 19-5-1243. Arkansas Acceleration Fund
§ 19-5-1244. Health Information Technology Fund
§ 19-5-1245. Arkansas Great Places Program Fund
§ 19-5-1246. County Juror Reimbursement Fund
§ 19-5-1247. County Voting System Grant Fund
§ 19-5-1248. Electrical Energy Advancement Program Fund
§ 19-5-1249. Alternative Motor Fuel Development Fund
§ 19-5-1250. Open Enrollment Public Charter School Capital Grant Program Fund
§ 19-5-1251. Open-Enrollment Public Charter School Facilities Loan Fund
§ 19-5-1252. Safe Harbor Fund for Sexually Exploited Children — Definition
§ 19-5-1253. Arkansas Port, Intermodal, and Waterway Development Grant Program Fund
§ 19-5-1254. New Markets Performance Guarantee Fund
§ 19-5-1255. Arkansas Unpaved Roads Program Fund
§ 19-5-1256. Arkansas Wireless Information Network Financing Fund
§ 19-5-1257. Workforce Initiative Act of 2015 Fund
§ 19-5-1258. Future Transportation Research Fund
§ 19-5-1259. Mandatory Publication Reimbursement Fund
§ 19-5-1260. Arkansas Children's Advocacy Center Fund
§ 19-5-1261. Human Trafficking Victim Support Fund — Definition
§ 19-5-1263. Restricted Reserve Fund
§ 19-5-1264. Arkansas River Navigation System Fund
§ 19-5-1265. Graduate Medical Education Fund
§ 19-5-1266. Immediate Disaster Response Fund