AR HB1498

Appropriates $4,000,000 from the General Improvement Fund to the Department of Finance and Administration for grants to eight regional economic development districts in Arkansas ($500,000 each).

Districts receiving funds include Northwest, North Central, Southeast, Southwest, Western, West Central, Central, and Northeast Arkansas Economic Development Districts.

Authorizes recipient districts to accept and use federal grants, donations, and unobligated cash income to supplement state funds for project financing.

Requires strict compliance with State Purchasing Law, General Accounting and Budgetary Procedures Law, Revenue Stabilization Law, and Department of Finance and Administration regulations in fund disbursement.

Declares an emergency effective July 1, 2015, citing constitutional restrictions on multi-year appropriations and the essential nature of these funds to agency operations.