AR HB1505

Appropriates $8,800,000 to the Department of Commerce for grants and operational expenses of the Rural Arkansas Economic Development Initiative for the fiscal year ending June 30, 2024.

Funds are payable from the cash fund deposited in the State Treasury as determined by the Chief Fiscal Officer of the State.

Requires compliance with State Procurement Law, General Accounting and Budgetary Procedures Law, Revenue Stabilization Law, Regular Salary Procedures and Restrictions Act, and other applicable fiscal control laws of the state.

Specifies that disbursed funds must comply with stated reasons for appropriation as documented in budget manuals, Agency Requests, Executive Recommendations, Legislative Recommendations, and official legislative minutes.

Declares an emergency clause making the act effective July 1, 2023, citing the constitutional prohibition on appropriations lasting more than one year and the necessity for immediate agency operations.