(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.
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