AR SB357

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

Grants distributed to: Northwest, North Central, Northeast, and Southeast Arkansas Economic Development Districts; Southwest, Western, West Central, and Central Arkansas Economic Development Districts.

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

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

Declared effective July 1, 2015 as an emergency measure necessary for agency operations and approved on March 24, 2015.