(1) The institutions of higher education are authorized to pay overtime, in critical circumstances, to those employees occupying the positions enumerated in their biennial operations appropriation acts under the heading “classified positions”.
(2) In no event, however, shall the total of all overtime payments for any institution except the University of Arkansas for Medical Sciences, also known as UAMS, exceed in any one (1) fiscal year an amount equal to two percent (2%) of the expenditures in the immediately preceding fiscal year for regular salaries for such institution.
(3) The total of all overtime payments for UAMS shall not exceed in any one (1) fiscal year, an amount equal to three percent (3%) of the expenditures of UAMS in the immediately preceding fiscal year for regular salaries.