(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 miscellaneous fund to be known as the “Research Development Fund”.
(b) The Research Development Fund shall consist of:(1) Funds transferred from the Higher Education Building Maintenance Fund; and(2) Any other moneys provided by the General Assembly.
(1) Funds transferred from the Higher Education Building Maintenance Fund; and
(2) Any other moneys provided by the General Assembly.
(c) The Research Development Fund shall be used for the administration and operations of the Arkansas Research Development Program of the Division of Higher Education, as provided in the Arkansas Research Development Act, § 6-61-801 et seq.