(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 "Restricted Reserve Fund".
(b) The Restricted Reserve Fund shall consist of:
(1) Funds transferred from the Rainy Day Fund;
(2) Interagency transfers of funds or fund accounts to the Restricted Reserve Fund;
(3) Any revenues provided by law; and
(4) Any other funds and fund transfers provided for by law.
(c) For the purpose of and after meeting the requirements of subsection (d) of this section, the Chief Fiscal Officer of the State may from time to time transfer on his or her books and those of the Treasurer of State and the Auditor of State funds from the Restricted Reserve Fund to one (1) or more general revenue operating funds or fund accounts, the Miscellaneous Agencies Fund Account, the Arkansas Department of Transportation for state matching funds, and the State Central Services Fund upon prior approval of the greater of three-fifths (3/5) of the quorum present or a majority of the membership of the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee.
(d) (1) If at any time during the fiscal year a state agency, board, commission, state institution of higher education, or constitutional officer determines that it is necessary to perform its duties or is in the best interest of the citizens of the State of Arkansas to request a transfer from the Restricted Reserve Fund, that entity shall submit a detailed request in writing to the Chief Fiscal Officer of the State stating:
(A) The need and purpose of the transfer;
(B) Efforts to find efficiencies and savings prior to making the request;
(C) Current year-to-date budget and expenditures by line item; and
(D) A detailed line item budget reflecting proposed expenditures in the amount requested.
(2) The Chief Fiscal Officer of the State may request additional information to make a determination and may then approve, modify, or deny the request.
(3) Upon the determination by the Chief Fiscal Officer of the State that a transfer is necessary, the Chief Fiscal Officer of the State shall submit the entity's request and his or her recommendation for approval as required in subsection (c) of this section.
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