AR SB480

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).

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

Allows recipient agencies 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 other applicable fiscal control laws during fund disbursement.

Takes effect July 1, 2015 with emergency clause to ensure immediate operation of affected agencies; approved March 29, 2015.