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AR HB2116
Bill
Status
4/27/2011
Primary Sponsor
Andrea Lea
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AI Summary
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Creates the "88th Session Projects Account" within the General Improvement Fund to finance projects and purposes enumerated in the act
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Transfers unobligated monies remaining in the General Improvement Fund as of June 30, 2011, unallocated funds from the General Revenue Allotment Reserve Fund as of July 2, 2011, and 50% of interest earned on Securities Reserve Fund balances (July 1, 2011 through June 30, 2013) into the new account
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Includes special revenues from estate taxes as set out in Arkansas Code 19-6-301(171) in the account
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Requires documentation to the Chief Fiscal Officer that all appropriation criteria have been met before funds can be disbursed, and subjects fund recipients to compliance audits and Legislative Audit Division review
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Becomes effective July 1, 2011 under an emergency clause, declaring immediate passage necessary to establish an orderly financing method and priority system for construction projects and programs
Legislative Description
The Distribution Of The Eighty-eighth Session Projects Account Of The General Improvement Fund To Provide Additional Funds For The State Budget.
Last Action
House Died in House Committee at Sine Die adjournment.
4/27/2011