AR SB689

Appropriates $1,000,000 from the General Improvement Fund to the Economic Development Commission for grants and loans to support economic development projects.

Funds may be used for public works, job training, industrial site development, aircraft and aerospace industry expansion, port and waterway projects, technology development, environmental mitigation, and water and sewer system improvements.

Allows agencies to supplement state funds with federal grants, donations, and unobligated cash income to cover full project costs.

Permits the Economic Development Commission to adopt new rules and regulations to implement the appropriation, exempt from restrictions applied to other programs.

Becomes effective July 1, 2013, with an emergency clause declaring the immediate effectiveness necessary for agency operations.