§ 19-5-1226 - Federal Fiscal Relief Fund. - Arkansas Statutes

19-5-1226. Federal Fiscal Relief Fund.

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Federal Fiscal Relief Fund".

(b) (1) (A) The Federal Fiscal Relief Fund shall consist of those moneys remaining in the State Treasury received from the Jobs and Growth Tax Relief Reconciliation Act of 2003, Pub. L. No. 108-27, which have not been transferred to other funds prior to February 3, 2004.

(B) The Chief Fiscal Officer of the State and the Treasurer of State shall transfer those moneys as set out in subdivision (b)(1)(A) of this section from the funds in which they reside to the Federal Fiscal Relief Fund.

(2) The Chief Fiscal Officer of the State shall, from time to time, determine any balances of the moneys transferred from the Jobs and Growth Tax Relief Reconciliation Act of 2003, Pub. L. No. 108-27, to other funds due to enactments of the Eighty-Fourth General Assembly meeting in Second Extraordinary Session that are no longer required to fulfill the purpose for which the funds were transferred and shall transfer those balances to the Federal Fiscal Relief Fund.

(3) (A) An amount not to exceed twenty-five million dollars ($25,000,000) in the Federal Fiscal Relief Fund may be used to supplement general revenues if required to meet the current forecast of general revenues which is in effect on February 3, 2004.

(B) The Chief Fiscal Officer of the State may transfer the amount required to supplement general revenues from the Federal Fiscal Relief Fund to the General Revenue Fund Account after review by the Legislative Council or the Joint Budget Committee.

(C) Any remaining moneys in the Federal Fiscal Relief Fund shall be used for those purposes as may be authorized by the General Assembly.

(c) Any enactment of the Eighty-Fourth General Assembly meeting in Second Extraordinary Session that requires a transfer of moneys received from the Jobs and Growth Tax Relief Reconciliation Act of 2003, Pub. L. No. 108-27, shall be deemed to be from the Federal Fiscal Relief Fund.