(a)
(1) The General Assembly accepts all federal aid to education that may be provided by Congress.
(2) The State Board of Education is designated as the state educational authority for the purpose of representing the state in the administration of funds provided by Congress.
(3) The state board is empowered to promulgate such regulations as are necessary on the part of the state to meet any and all requirements of the federal government in the distribution of federal aid.
(4) The state board shall provide for the proper auditing and accounting of all federal funds and for making all necessary reports regarding the expenditures of the federal funds.
(5) The state board shall perform such other functions as may be prescribed by the act providing aid.
(b) The Treasurer of State is designated to serve as trustee for such funds as may be apportioned to the State of Arkansas in this connection.
(c) The funds shall be disbursed according to the provisions of the federal act allocating them.
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