AR SB447

Appropriates $300,000 from the General Improvement Fund to the Economic Development Commission for capital improvement grants to cities, counties, planning and development districts, and other eligible entities.

Eligible uses of grant funds include land acquisition, construction, renovation, equipment purchase, industrial site development, intermodal facilities, rail spur construction, road and highway improvements, environmental mitigation projects, and water and sewer system improvements.

Exempts the appropriation from restrictions applicable to other programs and allows the Economic Development Commission to adopt new rules and regulations to carry out the intent of the General Assembly.

Requires strict compliance with State Purchasing Law, General Accounting and Budgetary Procedures Law, Revenue Stabilization Law, and other fiscal control laws in disbursement of funds unless specifically provided otherwise.

Declares an emergency effective July 1, 2011, citing the constitutional prohibition on multi-year appropriations and the essential nature of the funds to agency operations.