SB682 Summary

• Appropriates $4,000,000 from the General Improvement Fund to the University of Arkansas for the Nanoscale Material Science and Engineering Building on the Fayetteville campus for capital construction and equipment expenses.

• Exempts the appropriation from standard regulatory restrictions and authorizes adoption of new rules and regulations to carry out the intent of the General Assembly.

• Allows the University to supplement state funds with grants, donations, Federal funds, and unobligated cash income, provided Maintenance and General Operations funds are not diverted from their intended use.

• Requires strict compliance with State Purchasing Law, General Accounting and Budgetary Procedures Law, Revenue Stabilization Law, and other applicable fiscal control laws unless specifically exempted by law.

• Declares an emergency clause with an effective date of July 1, 2011, citing the State Constitution's one-year appropriation limit and the need for immediate operational continuity.