(1) There is created 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 “Higher Education Building Maintenance Fund”.
(2) The Higher Education Building Maintenance Fund shall consist of those moneys received by the state under the provisions of § 19-7-801(b)(1) and § 19-7-802(a)(1) [repealed] after having been transferred from the General Revenue Fund Account of the State Apportionment Fund as specified in subsection (c) of this section.
(3) At the close of each quarter of each state fiscal year, the Chief Fiscal Officer of the State shall cause to be transferred on the books and on those of the Treasurer of State from the General Revenue Fund Account of the State Apportionment Fund to the Higher Education Building Maintenance Fund an amount equal to those funds received under the provisions of § 19-7-801(b)(1) and § 19-7-802(a)(1) [repealed] during the quarter just closed.
(4) Those funds accruing to the Higher Education Building Maintenance Fund under the provisions of this section shall be disbursed by the Director of the Division of Higher Education in accordance with the recommendations of the Arkansas Higher Education Coordinating Board, but only after the board shall determine the projects and priorities for which the funds shall be used, and after the board shall have sought the advice of the Legislative Council with respect to them.