Section 19-5-1160 - [Effective 7/1/2024] University of Arkansas for Medical Sciences Maternal Health Workforce Trust Fund(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the "University of Arkansas for Medical Sciences Maternal Health Workforce Trust Fund".(b) The fund shall consist of: (1) Moneys obtained from private grants or other sources that are designated to be credited to the fund; and(2) Any other funds authorized or provided by law.(c)(1) The fund shall be used by University of Arkansas for Medical Sciences solely to open and offer programs in education and training, including without limitation: (A) Obstetrician-gynecologist residencies and fellowships;(B) Family practice obstetrician fellowships;(C) Nursing Midwife certifications;(D) Doula certifications;(E) Maternal community health worker training; and(F) Maternal therapist certifications.(2) The University of Arkansas for Medical Sciences shall prioritize spending and allocating funds in a manner to maximize impact of the expanded maternal health workforce considering the recommendations of the Maternal Mortality Review Committee.(d) Funds may be allocated to student financial aid in the form of scholarships and loans for students who agree to: (1) Participate in programs offered by the University of Arkansas for Medical Sciences; and(2) Practice in the State of Arkansas for at least two (2) years.(e) The Treasurer of State shall invest the moneys available in the fund.(f)(1) The investment of funds under this section is exempt from § 19-3-518(a)(2)(B)(i)(b) and (c).(2) Moneys in the fund may be invested in any instrument:(A) Listed in § 19-3-518(b)(1)(B); and(B) Approved by the guidelines established by the State Treasury investment policy approved by the State Board of Finance.(g) Moneys remaining in the fund at the end of each fiscal year shall carry forward and be made available for the purposes stated in this section in the next fiscal year.(h)(1) The University of Arkansas for Medical Sciences shall submit a semiannual report containing the following information to the Governor; the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee; the Senate Committee on Public Health, Welfare, and Labor; and the House Committee on Public Health, Welfare, and Labor: (A) The balance of the fund as of the reporting date;(B) A list of the administrative costs paid for from the fund, including without limitation salaries, pensions, and packages;(C) The total revenue received by the fund during the reporting period; and(D) A detailed description of the steps taken and the progress made toward addressing the maternal health workforce needs of Arkansas during the reporting period.(2) The semiannual report required under this subsection shall be submitted by January 1 and July 1 of each year.Added by Act 2024, No. 166,§ 29, eff. 7/1/2024.