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Arkansas Code Title 19. Public Finance § 19-5-1271. Automotive Technologist Education Grant Fund

Current as of March 28, 2024 | Updated by FindLaw Staff

(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 fund to be known as the “Automotive Technologist Education Grant Fund”.

(b) The Arkansas Motor Vehicle Commission shall periodically remit to the Treasurer of State five percent (5%) of the fees the commission collects from the issuance of licenses by the commission, and the Treasurer of State shall deposit those funds into the fund.

(c) The commission may receive gifts, grants, bequests, devises, and donations made to the commission, amounts received as matching funds from eligible organizations participating in the Automotive Technologist Education Grant Program under § 23-112-207, and any other funds authorized by law to be used in the furtherance of the purposes of the program.

(d) In addition, the commission:

(1) May accept gifts, grants, or donations from the United States Government or agencies of the United States Government and private individuals, foundations, or concerns to be used for the purposes of the program; and

(2)(A) Except as provided in subdivision (d)(2)(B) of this section, shall at the end of each fiscal year in addition to its contribution under subsection (b) of this section, fund the amount necessary to increase the Automotive Technologist Education Grant Fund balance to two hundred fifty thousand dollars ($250,000).

(B) Funding provided by the commission under subdivision (d)(2)(A) of this section shall not exceed the amount necessary for the commission to retain three years of its running average fund balance.

(e) The fund may be used by the commission to issue Automotive Technologist Education Grants for the program.

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Cite this article: FindLaw.com - Arkansas Code Title 19. Public Finance § 19-5-1271. Automotive Technologist Education Grant Fund - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-19-public-finance/ar-code-sect-19-5-1271/

Read this complete Arkansas Code Title 19. Public Finance § 19-5-1271. Automotive Technologist Education Grant Fund on Westlaw

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