(a) The Board of Trustees of the University of Arkansas is authorized to establish and operate, as a part thereof, a campus to be known as the Arkansas School for Mathematics, Sciences, and the Arts, consolidating and incorporating into the University of Arkansas the facilities of the state institution formerly known as the Arkansas School for Mathematics and Sciences, which together with its board of trustees is abolished as a separate institution effective January 1, 2004.

(b) On January 1, 2004, the Board of Trustees of the University of Arkansas shall be vested with and succeed to all the rights, titles, powers, interests, properties, assets, funds, and credits of the Arkansas School for Mathematics and Sciences and its board of trustees, including all rights, titles, and interests in and to all real and personal property acquired by or vested in that institution or its board of trustees.

(c) On January 1, 2004, the appropriate state officials are directed to transfer all funds, appropriations, credits, and equities belonging to the Arkansas School for Mathematics and Sciences and its board of trustees so that these funds, appropriations, credits, and equities shall be credited to and made available for the Board of Trustees of the University of Arkansas for use on its Arkansas School for Mathematics, Sciences, and the Arts campus.

(d) On January 1, 2004, the Board of Trustees of the Arkansas School for Mathematics and Sciences shall relinquish all responsibility, control, and supervision concerning the Arkansas School for Mathematics and Sciences, and by delivery of the assets, books of accounts, and files of that institution to the Board of Trustees of the University of Arkansas shall be divested of all obligations and duties applicable to the Arkansas School for Mathematics and Sciences.