AR SB1146

Creates a Compressed Natural Gas School Bus Pilot Program for fiscal years 2014 and 2015 to provide buses to four public school districts, with one district selected per congressional district through random drawing among qualified applicants.

Requires participating school districts to receive ten compressed natural gas school buses from the Division of Public School Academic Facilities and Transportation and to purchase an additional ten buses before June 30, 2015.

Establishes applicant qualifications including having reasonable access to refueling options or agreeing to build a public refueling station, and demonstrating sufficient financial resources to purchase, operate, and maintain the buses without hardship.

Authorizes the Division of Public School Academic Facilities and Transportation to promulgate rules and develop additional qualifications for program administration.

Allows school districts participating in the program to borrow up to $1,500,000 from the Revolving Loan Fund for compressed natural gas school bus purchases, in addition to the standard $500,000 borrowing limit.