The bill proposes an appropriation of $4,000,000 to the University of Arkansas for Medical Sciences for the fiscal year ending June 30, 2023. This funding is specifically designated for reimbursement of costs related to hospital reclassification, aimed at increasing residency program funding from the Centers for Medicare & Medicaid Services (CMS). The funds will be transferred from the General Revenue Allotment Reserve Fund to the cash fund in the State Treasury as determined by the Chief Fiscal Officer of the State.

Additionally, the bill includes an emergency clause, indicating that the funds are necessary for the University to continue providing essential governmental services due to unforeseen circumstances that have rendered previous funding insufficient. The emergency declaration allows the act to take effect immediately upon passage and approval, ensuring that the University can maintain its operations without delay.