(a) The Legislative Council shall:
(1) Oversee the development and implementation of Arkansas Code requirements with regard to the Arkansas Academic Challenge Scholarship Program;
(2) Review whether and how the use of net state lottery proceeds helps to accomplish state objectives for higher education;
(3) Review the ongoing data collection, research, and evaluation of the program;
(4) Review the annual report of the Director of the Department of Higher Education under § 6-85-219;
(5) Review and recommend changes to the:
(A) Number of awards for each scholarship and grant;
(B) Award levels;
(C) Eligibility requirements; and
(D) Overall administration of the program; and
(6) Review and recommend policies for scholarships and grants funded with nonlottery state educational resources, including without limitation ways to ensure that net proceeds from the state lottery are used to supplement and not supplant nonlottery state educational resources.
(b) Annually by December 15, the Legislative Council shall report its findings and recommendations to the Office of the Arkansas Lottery, the President Pro Tempore of the Senate, the Speaker of the House of Representatives, the Governor, the House Committee on Education, and the Senate Committee on Education.
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