AR SB642

Appropriates $5,000,000 from the General Improvement Fund to be transferred to the Innovate Arkansas Fund for personal services and operating expenses of the Arkansas Economic Development Commission - Innovate Arkansas program.

Appropriates $5,000,000 from the Innovate Arkansas Fund for the fiscal year ending June 30, 2016 for the Innovate Arkansas program's personal services and operating expenses.

Requires all contracts and obligations to comply with State Treasury fund availability and applicable state purchasing, accounting, budgetary procedures, and fiscal control laws.

Directs that appropriated funds be used in compliance with stated reasons documented in budget manuals, agency requests, executive recommendations, and legislative recommendations.

Declares an emergency effective July 1, 2015, as required by the Arkansas Constitution which prohibits appropriations for more than one year, to ensure continuous operation of the agency.