Gov. Mike Beebe has signed into law bills establishing a state lottery that will finance scholarships at state and private colleges and universities in Arkansas.

If net lottery proceeds are between $49.3 million and $60.4 million, the lottery will finance scholarships of $1,250 at two-year colleges and $2,500 at four-year schools. If proceeds are more than $126.9 million, the scholarships will range from $3,000 to $6,000.

The identical House and Senate lottery bills were approved without a dissenting vote.

Voters approved a constitutional amendment authorizing the lottery in November 2008.

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