§ 15-11-408 - Matching state funds -- Use, reversion, and reallocation. - Arkansas Statutes

15-11-408. Matching state funds -- Use, reversion, and reallocation.

(a) (1) The State Parks, Recreation, and Travel Commission shall promulgate reasonable rules and regulations regarding the use of matching funds that are available to the respective regional tourist promotion agencies.

(2) The funds available to each regional tourist promotion agency may be used for needed approved tourist promotion and advertising or research programs designed to encourage and stimulate the visitor and vacation business within the region and for operational and administrative expenses, as may have been approved by the commission or the Department of Parks and Tourism.

(b) (1) Matching funds available for operational and administrative expenses shall be limited to ten percent (10%) of the funds allocated to the regional tourist promotion agency.

(2) It is the intent of this section that no more than ten percent (10%) of the funds made available to a regional tourist promotion agency shall be used for operational or administrative expenses.

(c) (1) After six (6) months, unused state funds allocated to a regional tourist promotion agency shall revert to the commission to be reapportioned on a pro rata basis to participating regional tourist promotion agencies with active programs.

(2) However, no one (1) agency shall receive in excess of twenty percent (20%) of the funds appropriated for grants under the provisions of this subchapter.

(d) In the event sufficient regional or local funds cannot be raised to match the state funds appropriated for the matching fund program by January 1 of each year, those state funds not applied for shall revert to the advertising and promotion budget of the Tourism Division of the Department of Parks and Tourism.