Ark. Code Ann. § 6-51-212: Custodian of certain funds - Disbursement

(a) The Treasurer of State is designated and appointed custodian of all money received by the state from the appropriation made by the Act of the United States Congress referred to in § 6-51-211 , and he or she is authorized to receive and to provide for the proper custody of the money and to make disbursements thereof in the manner provided in that federal act for the purposes therein specified.

(b) He or she shall also pay out any money appropriated by the State of Arkansas for the purpose of carrying out the provisions of this act upon the order of the Arkansas Higher Education Coordinating Board.