(a)

(1) The Board of Trustees of the University of Arkansas is hereby authorized to make available to the President of the University of Arkansas special allowances in such amounts as the board may determine to be justified at the University of Arkansas for Medical Sciences, for the use of the chancellor and his or her deans, representatives, department heads, and directors at the University of Arkansas for Medical Sciences in recruitment of faculty and staff members.

(2) Upon approval by the president and the board, such funds shall be administered by the Chancellor of the University of Arkansas for Medical Sciences, who shall assure that the total amount expended for such purposes does not exceed one hundred fifty thousand dollars ($150,000) each fiscal year, or so much thereof as may be authorized by the board.

(3) The funds authorized by this subsection shall come from a source other than state tax dollars appropriated by the General Assembly or charges made to students for tuition, fees, room and board, or other purposes.

(4) Each year, the chancellor shall furnish to the president, the board, and the Legislative Joint Auditing Committee a report showing for each expenditure the date, the amount, the names of persons to whom the expenditure was made, and the purpose for which the expenditure was made.

(b)

(1) The board may make special allowances available in such amounts as the board may determine or justify as equitable in view of the exacting duties which are involved as a part of the salaries of the physicians, dentists, and other professional faculty employed by the University of Arkansas for Medical Sciences from receipts of professional income in the care of patients and funds received from federal agencies, foundations, and other private sponsors in support of research.

(2) Provided, any such allowance shall not exceed for any employee an amount equal to two (2) times that portion of the salary authorized by the General Assembly to be paid from the University of Arkansas Medical Center Fund.