(a) Cash funds for the Nursing Student Loan Program shall consist of: (1) Funds appropriated for the Nursing Student Loan Program;(2) Federal funds;(3) Gifts;(4) Grants;(5) Bequests;(6) Devises;(7) Donations;(8) Moneys received to repay a loan under this subchapter;(9) Interest and other income accruing to or earned by the funds; and(10) All moneys provided by law.(b) The Arkansas State Board of Nursing:(1) May invest the principal, interest, and income of the funds;(2) Shall use the funds for making loans for nursing scholarships; and(3) Shall deposit all loan repayments as a refund to expenditure to be used to make additional loans under this subchapter.Acts 2003, No. 84, § 2; 2009, No. 9, § 1.
Arkansas Legal Code