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AR SB325
Bill
Status
5/1/2017
Primary Sponsor
Trent Garner
Click for details
AI Summary
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Amends Arkansas Code § 19-5-1005 to restrict the General Improvement Fund to financing only projects authorized by previous General Assemblies, effective July 1, 2017.
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Transfers all unobligated and unallocated moneys remaining in the General Improvement Fund as of July 1, 2017, to the newly created Taxpayer Long-term Protection Fund.
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Creates the Taxpayer Long-term Protection Fund as a miscellaneous fund that may only be used for emergencies or state budget deficiencies upon approval by a three-fourths vote of each house of the General Assembly or the Legislative Council if the General Assembly is not in session.
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Allows remaining balances in the Taxpayer Long-term Protection Fund to carry forward annually for the stated purposes.
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Declares an emergency effective upon gubernatorial approval, expiration of the veto period, or veto override by both houses.
Legislative Description
To Amend And Provide A Sunset Provision For The General Improvement Fund; To Amend The Use And Distribution Of Moneys In The General Improvement Fund; To Create The Taxpayer Long-term Protection Fund; And To Declare An Emergency.
Last Action
Sine Die adjournment
5/1/2017