(a) The University of Arkansas at Pine Bluff and the Division of Higher Education shall jointly promulgate rules necessary for the proper administration of the Critical Needs Minority Teacher Scholarship Program.
(b) The university shall be the administering agency of the program.
(c) If sufficient funds are not available to fully fund scholarship awards to all eligible students, the university shall make the awards to first-time students on a first-come, first-served basis. However, priority consideration shall be given to persons previously receiving awards under the program.
(d) All funds received by the university from the repayment of scholarship awards by program participants shall be deposited into the fund that provides funding for the program.
(e)
(1) The university shall make an annual report to the General Assembly.
(2) Each report shall contain a complete enumeration of the:
(A) Program's activities;
(B) Scholarships granted;
(C) Names of persons to whom granted;
(D) Institutions attended by those receiving the scholarships; and
(E) Teaching location of applicants who have received their education and become licensed teachers within this state as a result of the scholarships.
(3) The university shall make a full report and account of receipts and expenditures for salaries and expenses incurred under this section.
(4) Upon its records and any published reports, the university shall distinguish among those recipients who:
(A) Have paid their financial obligations in full;
(B) Have breached their contracts but with the university's permission; and
(C) Have breached their contracts and remain financially indebted to the state.
(f) The requirements of this subchapter are contingent on the funding available for the program.
(g) The university is authorized to determine the necessary procedures for the awarding of forgivable loans should the number of eligible applicants and recipients exceed the funds available, so long as the procedures are consistent with subsection (c) of this section.