AR SB493

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.

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

Allows recipient institutions and agencies to accept and use grants, donations, Federal funds, and unobligated cash income to supplement State Treasury 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 in fund disbursement.

Act becomes effective July 1, 2015, with emergency clause declaring the immediate effectiveness essential to agency operations; approved March 16, 2015.