§ 15-4-3407. State funding

(a)

1. (1) Each regional economic development partnership shall enter into an agreement with the Arkansas Economic Development Commission to receive state funds, if available.

2. (2) The agreement under subdivision (a)(1) of this section shall:

   1. (A) Be for a term of not longer than one (1) year; and

   2. (B) Identify the eligible expenses for which the regional economic development partnership intends to use state funds under § 15-4-3409.

3. (3)

   1. (A) The commission and the regional economic development partnership may enter into subsequent one-year agreements under this section following the commission’s review of the annual report required under § 15-4-3411.

   2. (B) If a regional economic development partnership was initially approved as a multiyear project, a one-year renewal may be granted by the commission without the regional economic development partnership submitting an annual application.

(b)

1. (1) Each year, the commission shall allocate funds specifically appropriated by the General Assembly or the commission for regional economic development.

2. (2)

   1. (A) The funds shall be distributed equally to the qualifying regional economic development partnerships that meet the matching fund requirements under § 15-4-3408.

   2. (B) Funds that are not disbursed under this section during a fiscal year may be distributed in a subsequent fiscal year.