AR HB1638

Appropriates $7,000,000 to the Department of Finance and Administration - Disbursing Officer for personal services, operating expenses, and reimbursements for the first time home buyer tax credit, payable from the General Improvement Fund.

Restricts contracts and obligations to available State Treasury funds, but permits institutions to supplement with grants, donations, Federal funds, and unobligated cash income.

Requires compliance with State Purchasing Law, General Accounting and Budgetary Procedures Law, Revenue Stabilization Law, and other applicable fiscal control laws in fund disbursement.

Establishes that funds must be used in compliance with stated reasons in Agency Requests, Executive Recommendations, Legislative Recommendations, and Arkansas Legislative Council or Joint Budget Committee records.

Makes the act effective July 1, 2011 with an emergency clause, citing the constitutional prohibition on appropriations exceeding one year and the necessity for immediate governmental operations.