(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Performance Fund”.
(2) The fund shall be used for transfer of funds and appropriations to various state agencies, funded, in whole or in part, with general revenues, for regular salary and personal services matching adjustments authorized by the General Assembly and to award raises to employees based upon the performance evaluation system and in accordance with rules promulgated by the Chief Fiscal Officer of the State and which do not have sufficient funding or appropriations to pay for the raises or increases.
(3) The fund shall consist of those general revenues provided by law.
(4) Any references to the Merit Adjustment Fund in the Arkansas Code or acts of the General Assembly, including without limitation appropriation acts, shall be deemed and interpreted as the Performance Fund.