Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-3407. State funding

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

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

(3)(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.

(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.

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

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