(a) The Public School Fund shall consist of the following fund accounts and funds made available for the support of the Division of Elementary and Secondary Education, the Arkansas State Library, and the Division of Career and Technical Education and shall be used for the same purposes as set out for the following fund accounts:
(1) Division of Elementary and Secondary Education Public School Fund Account. The Division of Elementary and Secondary Education Public School Fund Account shall be used for grants and aids for the programs administered by the Division of Elementary and Secondary Education as authorized by law;
(2) Division of Career and Technical Education Public School Fund Account. The Division of Career and Technical Education Public School Fund Account shall be used for grants and aids for the programs administered by the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, consisting of, but not limited to:
(A) General adult education grants;
(B) Adult basic education grants;
(C) Manpower development and training grants;
(D) Vocational-technical and adult education; and
(E) Such other grants and aids as may be authorized by law for disbursement by the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development; and
(3) State Library Public School Fund Account. The State Library Public School Fund Account shall be used for State Aid to Public Libraries as administered by the Arkansas State Library.
(b) The Public School Fund shall consist of those moneys as may be provided by:
(1) The Revenue Stabilization Law, § 19-5-101 et seq.;
(2) Any federal mineral leasing funds, federal forest reserve funds, federal flood control funds, or any other similar turnback funds in the State Treasury for which the eligible county or school district cannot be identified;
(3) Fines collected pursuant to § 6-21-410 under the Free Textbook Act of 1975, § 6-21-401 et seq.;
(4) Funds remitted by county treasurers for those school districts which have local revenue per student in excess of the local base per student, as set out in § 26-80-101(c);
(5) Amusement machine revenues up to and including thirty thousand dollars ($30,000), as set out in § 26-57-407;
(6) Twenty-five percent (25%) of additional rental vehicle tax revenues under § 26-63-302, to be used exclusively for teacher salaries; and
(7) Such other funds as may be authorized by law.
(c)
(1) There is authorized a transfer of up to two hundred thousand dollars ($200,000) per year from the Public School Fund to the Division of Elementary and Secondary Education Fund Account or the Division of Career and Technical Education Fund Account, or a portion thereof to both, by the Treasurer of State and the Chief Fiscal Officer of the State, upon certification as to the amount required by the Commissioner of Elementary and Secondary Education or by the Director of the Division of Career and Technical Education, or both, to the Chief Fiscal Officer of the State.
(2) This transfer shall be used to provide additional support for the administration of the handicapped children program and the vocational-technical and adult education program.