AR SB155

Creates the "Development and Enhancement Fund" as the successor to the General Improvement Fund, effective July 1, 2019, to provide financing for construction and improvement projects, unforeseen needs, funding deficiencies, and completion of previously funded projects.

Repeals the General Improvement Fund and transfers all references throughout Arkansas Code to the new Development and Enhancement Fund, including funding mechanisms for higher education, small business loans, law enforcement vehicles, and rural health services.

Designates the Development and Enhancement Fund as the successor fund responsible for paying outstanding balances, warrants, and reappropriations previously payable from the General Improvement Fund.

Directs excess estate tax revenues exceeding 10 percent of the five-year average or $15,000,000 (whichever is greater) to be credited to the Development and Enhancement Fund as special revenues.

Declares an emergency, finding that the General Improvement Fund should no longer be utilized and that the Development and Enhancement Fund is necessary to address state infrastructure and unanticipated needs.