(a) For an academic year, Arkansas Concurrent Challenge Scholarships under this subchapter shall be funded with any funds remaining after the Division of Higher Education allocates sufficient funding to award Arkansas Workforce Challenge Scholarships under § 6-85-301 et seq., at a level equivalent to the awards made in the previous academic year.
(b)
(1) A scholarship under this subchapter shall not be awarded for an academic year if:
(A) Less than two hundred fifty thousand dollars ($250,000) is available under subsection (a) of this section; or
(B) The division received a loan from the Scholarship Shortfall Reserve Trust Account under § 23-115-802 for the Arkansas Academic Challenge Scholarship Program — Part 2, § 6-85-201 et seq., for the previous academic year.
(2) Any funds under subsection (a) of this section that are not disbursed for scholarships under this subchapter shall be carried over to the next academic year to be used for scholarships under this subchapter.