The General Assembly finds that:
(1) In approving Arkansas Constitution, Amendment 87, the citizens of this state provided an opportunity to increase the resources provided for higher education scholarships and grants through a state lottery;
(2) The net proceeds from the state lottery, in addition to existing nonlottery state educational resources for scholarships and grants, will: Encourage associate degree, certificate of proficiency program, and technical certificate program recipients and university juniors to complete a baccalaureate degree;
(3) Provide opportunities for students more than one (1) year out of high school to enter or reenter higher education;
(4) Provide an improved system of communication to students and parents about opportunities for higher education scholarships and grants in Arkansas; and
(5) Provide an evaluation and analysis of all state funding for scholarships and grants and how the funding advances the state's goals for higher education; and
(6) Changes to the Arkansas Academic Challenge Scholarship Program — Part 2 may be necessary from time to time to ensure the solvency of the program by spreading the program liabilities over a period of time while ensuring that there are scholarship dollars available for students who successfully complete their courses.