STATE STATUTES & CODES
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ARKANSAS STATUTES AND CODES
§ 15-3-118 - Establishment of endowment fund -- Deposits and disbursements.
15-3-118. Establishment of endowment fund -- Deposits and disbursements.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the "Arkansas Science and Technology Authority Endowment Fund", hereafter known as the "endowment fund", to which shall be credited any state appropriations specifically so designated.
(b) The Board of Directors of the Arkansas Science and Technology Authority, from time to time, may increase the fund by crediting to it such unrestricted appropriations, gifts, donations, or grants from any source, in amounts as the board shall determine.
(c) No disbursement may be made from the corpus of the fund to support the Arkansas Science and Technology Authority's activities as provided in this chapter, it being intended that only the income from the fund, as earned pursuant to 15-3-119, shall be available for such purposes.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the "Arkansas Science and Technology Authority Endowment Fund", hereafter known as the "endowment fund", to which shall be credited any state appropriations specifically so designated.
(b) The Board of Directors of the Arkansas Science and Technology Authority, from time to time, may increase the fund by crediting to it such unrestricted appropriations, gifts, donations, or grants from any source, in amounts as the board shall determine.
(c) No disbursement may be made from the corpus of the fund to support the Arkansas Science and Technology Authority's activities as provided in this chapter, it being intended that only the income from the fund, as earned pursuant to 15-3-119, shall be available for such purposes.
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