(a) All collections of the costs levied by this subchapter shall be used by the Board of Trustees of the University of Arkansas solely for purposes of legal education, including academic, clinical, and continuing education, operated under the auspices and academic administration of the University of Arkansas School of Law, including, without limitation, financing the costs of:
(1) The construction, expansion, improvement, or equipping of buildings and facilities for legal education on the sites owned by the board and located in or near the City of Fayetteville, Arkansas, or the City of Little Rock, Arkansas; and
(2) The operation of legal education programs.
(b) In determining the needs of legal education in Arkansas and in allocating funds to meet these needs from the levying of costs as provided in this subchapter, including funds derived from revenue bonds authorized in this subchapter, the board shall give first priority to the upgrading and maintenance of the University of Arkansas at Fayetteville School of Law to the end that such school, as quickly as funds permit, shall become a first-class quality law school in the physical facilities, library content, faculty, administration, and operating program.
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