AR SB740

Appropriates $1,000,000 to the Department of Higher Education to be distributed as grants to institutions of higher education for construction, renovation, maintenance, critical maintenance, equipment, security enhancements, technology upgrades, and library resources from the General Improvement Fund.

Allows the Department of Higher Education to adopt new rules and regulations to carry out the appropriation without being restricted by requirements applicable to other programs currently administered.

Permits institutions receiving funds to supplement state appropriations with grants, donations, federal funds, and unobligated cash income, provided that general operations and maintenance funds cannot be used for these purposes.

Requires strict compliance with state purchasing law, accounting procedures, revenue stabilization law, and other applicable fiscal control laws in disbursing funds unless otherwise specified by law.

Effective date of July 1, 2015, with an emergency clause declaring the appropriation essential to agency operations to prevent harm to governmental programs.