AR SB752

Establishes the "88th Session Projects Account" within the General Improvement Fund to finance various state projects and programs enacted by the 88th General Assembly.

Transfers specified funds to the new account including: unobligated General Improvement Fund monies as of June 30, 2011; unused General Revenue Allotment Reserve Fund monies as of July 2, 2011; 50% of interest earned on Securities Reserve Fund balances from July 1, 2011 through June 30, 2013; and special revenues from estate taxes.

Requires fund expenditures from the 88th Session Projects Account only upon documentation that appropriation criteria have been met and, for state agencies, that a Method of Finance has been filed with the Department of Finance and Administration.

Makes fund recipients subject to compliance audits and Division of Legislative Audit reviews to ensure funds are used in compliance with legislative intent and appropriated purposes.

Declares an emergency and makes the act effective July 1, 2011, citing the need to establish an orderly financing method and priority system for construction projects and programs exceeding estimated available funding.