(a) There is created the Universal Telephone Service Fund to be established by assessing upon all interexchange carriers operating in this state a charge on interexchange communication services based on usage, revenue, volume, or other appropriate factors.
(b)
(1) The amount of the charge shall be determined by the Arkansas Public Service Commission after notice and hearing.
(2) The Arkansas Public Service Commission shall coordinate the development of the structure and level of the charge, as well as the support to be provided through the Universal Telephone Service Fund, with the interstate Universal Service Fund or similar arrangement established by the Federal Communications Commission so that the Universal Telephone Service Fund is not administered inconsistently with the Federal Communications Commission's Universal Service Fund or similar arrangements.
(c) The amounts shall be remitted to the Arkansas Public Service Commission under such reasonable rules as the Arkansas Public Service Commission may prescribe and shall be deposited by the Arkansas Public Service Commission into an account, separate from all other funds, designated as the “Universal Telephone Service Fund”.