SB743 Summary

• Appropriates $8,000,000 total from the General Improvement Fund to eight regional economic development districts in Arkansas, with $1,000,000 allocated to each district.

• Designated districts receiving funds are: Northwest, North Central, Northeast, Southeast, Southwest, Western, West Central, and Central Arkansas Economic Development Districts.

• Allows recipient agencies 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 Department of Finance and Administration regulations in fund disbursement.

• Takes effect July 1, 2013, with an emergency clause declaring the appropriation essential to agency operations and government program administration.