AR HB1075

Appropriates $603.6 million to the State Board of Finance for the fiscal year ending June 30, 2013, to be paid from various state and federal balances for investments in securities under Arkansas Code 19-3-101 and 19-3-501 through 19-3-522.

Allocates $600 million for purchase of securities, $600,000 for premiums and discounts, and $3 million for principal, interest, and agent fees.

Requires disbursement of funds to comply with the State Procurement Law, General Accounting and Budgetary Procedures Law, Revenue Stabilization Law, Regular Salary Procedures and Restrictions Act, and other fiscal control laws of Arkansas.

Establishes that funds must be used in compliance with stated reasons for adoption as documented in budget manuals, Agency Requests, Executive Recommendations, Legislative Recommendations, and official minutes of the Arkansas Legislative Council or Joint Budget Committee.

Declares an emergency and makes the act effective July 1, 2012, citing the Arkansas Constitution's prohibition on appropriations for more than one year and the need for immediate operation of the agency.