HB1112
An Act For The Office Of The Treasurer Of State - City-county Tourist Meeting And Entertainment Facilities Assistance Appropriation For The 2025-2026 Fiscal Year.
AI-Generated Summary
This bill appropriates funds from the City-County Tourist Facilities Aid Fund to the Office of the Treasurer of State. The purpose of the appropriation is to make payments for city-county tourist meeting and entertainment facilities. These payments are authorized by the City-County Tourist Meeting and Entertainment Facilities Assistance Law. The bill specifically allocates $887,908 for facility debt service and operating expenses for the fiscal year ending June 30, 2026. It emphasizes compliance with various state fiscal control laws and regulations in the disbursement of these funds. The legislative intent is for these disbursements to align with the stated reasons for the act's adoption. An emergency clause is included, declaring the act necessary for the immediate preservation of public peace, health, and safety, with an effective date of July 1, 2025.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are publicly owned eligible tourist meeting and entertainment facilities within Arkansas cities and counties that are authorized to receive assistance under the City-County Tourist Meeting and Entertainment Facilities Assistance Law. This includes entities that operate or are responsible for debt service on such facilities, which would receive funding for their debt obligations and operational expenses. Local governments or authorities that manage these facilities would also benefit indirectly through the financial support provided for their operations and infrastructure.
Who Might Suffer?
There are no groups or entities explicitly identified in the bill text as being negatively impacted. However, as this bill involves the appropriation of public funds, any taxpayers or general revenue streams that might be indirectly affected by the allocation of these funds, or by the potential tax implications associated with the supported facilities, could be considered indirectly impacted. Additionally, if the funds allocated are insufficient to cover all authorized expenses, or if there are competing demands for these funds, then entities that did not receive their full requested amount might be negatively impacted.