AR HB1576

Amends Arkansas Code § 6-20-2507 to add procedures for reallocating funds when state financial participation in new construction projects becomes void for any reason

Requires the division to reallocate voided funds to approved but unfunded new construction projects holding the highest priority position in the current funding cycle

Allows public school districts to either accept reallocated funding and proceed with construction or refuse funding if it would not fully fund their project

If a district refuses funding due to insufficient amount, the project maintains its priority position and funds are reallocated to the next highest priority project

Directs continued reallocation of funds until either funds are exhausted or remaining funds are insufficient to fully fund any remaining approved projects, with leftover funds becoming general program funds