To promote a coordinated system of higher education in Arkansas and to assure an orderly and effective development of each of the state-supported institutions of higher education, the Arkansas Higher Education Coordinating Board shall establish in consultation with state-supported institutions of higher education a minimum core of courses which shall apply toward the general education core curriculum requirements for associate and baccalaureate degrees at state-supported institutions of higher education and which shall be fully transferable among all state-supported institutions of higher education.