SB582 Summary

• Appropriates $8,000,000 total from the General Improvement Fund to the Department of Finance and Administration for grants to eight regional economic development districts in Arkansas, with $1,000,000 allocated to each district.

• Eligible recipients include the Northwest, North Central, Northeast, Southeast, Southwest, Western, West Central, and Central Arkansas Economic Development Districts, Inc.

• Allows recipient organizations to supplement state funds with grants, donations, federal funds, and unobligated cash income to finance project costs.

• Requires strict compliance with state purchasing laws, accounting procedures, revenue stabilization laws, and fiscal control regulations in fund disbursement.

• Takes effect July 1, 2013 with emergency clause designation to ensure continuity of agency operations.