(a) 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 “Arkansas Biosciences Institute Program Account”.
(b)
(1) The Arkansas Biosciences Institute Program Account shall consist of those moneys transferred from the Tobacco Settlement Program Fund as provided in § 19-12-108 and interest earnings.
(2) The Arkansas Biosciences Institute Program Account shall be used for those purposes set out in § 19-12-111.