These funds are a part of the second phase of the formula driven $48.6Bn of the State Fiscal Stabilization Fund (SFSF), 33% (or the remaining amount incase more than 67% has been drawn due to economic emergencies) of which ($16Bn) will be made available to states from July 2009 on a rolling basis under the American Recovery and Reinvestment Act of 2009 (ARRA). Though specific guidelines will be issued, in the coming months, by the Dept. of education, this tranche of funding too is based on state application that needs to include detailed strategies on fund usage, implementation of reporting requirements per ARRA.