SB646 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 ($1,000,000 each).

• Distributes funds to Northwest, North Central, Northeast, Southeast, Southwest, Western, West Central, and Central Arkansas Economic Development Districts.

• Permits recipient agencies to supplement State Treasury funds with grants, donations, and Federal funds for project financing.

• Requires strict compliance with State Purchasing Law, General Accounting and Budgetary Procedures Law, and Revenue Stabilization Law in fund disbursement.

• Declares an emergency effective date of July 1, 2013 to ensure uninterrupted agency operations.