AR SB121

Amends Arkansas Code § 19-5-501(b)(1)(B) to modify repayment terms for loans made to the Department of Correction Farm Fund from the Budget Stabilization Trust Fund

Establishes that loans must be repaid on or before June 30 of the fiscal year following the year the loan was made, with the outstanding loan amount reduced by the market value of farm products consumed by inmates and authorized personnel

Requires the value of farm products to be based on prices obtained by the Department of Correction and State Procurement Director for similar products and quantities on the open market for other state agencies

Authorizes the Chief Fiscal Officer to grant up to two 60-day extensions for loan repayment if the Department certifies that stored farm products exceed the loan amount in market value

Becomes effective July 1, 2019