Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 5 - REVENUE STABILIZATION LAW (§§ 19-5-101 — 19-5-1286) › Subchapter 12 - MISCELLANEOUS FUNDS CONTINUED (§§ 19-5-1201 — 19-5-1286) › Section 19-5-1267 - COVID-19 Rainy Day Fund

(a)
There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the "COVID-19 Rainy Day Fund".
(b)
The COVID-19 Rainy Day Fund shall consist of:
(1)
Funds transferred from the General Revenue Allotment Reserve Fund to the COVID-19 Rainy Day Fund;
(2)
Any revenues provided by law; and
(3)
Any fund or fund account transfers provided for by law.
(c)
The Chief Fiscal Officer of the State shall use the COVID-19 Rainy Day Fund for transfers to provide funding for one (1) or more appropriations authorized by the General Assembly and to offset general revenue reductions, funding needs, and unanticipated needs created by the coronavirus 2019 (COVID-19) crisis.
(d)
(1)
Notwithstanding any other provisions of law, the release of any funds from the COVID-19 Rainy Day Fund shall require prior approval, as defined in this subsection, of the:
(A)
Speaker of the House of Representatives or his or her designee;
(B)
Majority party leader of the House of Representatives or his or her designee;
(C)
Minority party leader of the House of Representatives or his or her designee;
(D)
President Pro Tempore of the Senate or his or her designee;
(E)
Majority party leader of the Senate or his or her designee; and
(F)
Minority party leader of the Senate or his or her designee.
(2)
(A)
The Secretary of the Department of Finance and Administration shall notify the Speaker of the House of Representatives, the President Pro Tempore of the Senate, and all other members of the General Assembly of a request for the release of funds from the COVID-19 Rainy Day Fund.
(B)
(i)
The Speaker of the House of Representatives and the President Pro Tempore of the Senate shall communicate the request to the respective majority party leader and respective minority party leader.
(ii)
If a majority party leader or a minority party leader is unavailable or recuses from the vote, the Speaker of the House of Representatives and the President Pro Tempore of the Senate shall contact the non-responding majority party leader's designee or non-responding minority party leader's designee.
(3)
(A)
As used in this section "prior approval" means:
(i)
At least two (2) members listed in subdivision (d)(1) of this section from the House of Representatives and two (2) members listed in subdivision (d)(1) of this section from the Senate approve the release of funds from the COVID-19 Rainy Day Fund; and
(ii)
The written or electronic approval by the two (2) members listed in subdivision (d)(1) of this section from the House of Representatives and by the two (2) members listed in subdivision (d)(1) of this section from the Senate occurs within two (2) hours after the members received written or electronic notification of the request by the Speaker of the House of Representatives or the President Pro Tempore of the Senate.
(B)
In the event the majority party leader or the minority party leader is not available within two (2) hours after the notification has been given or has recused, the Speaker of the House of Representatives or the President Pro Tempore of the Senate shall contact the non-responding majority party leader's designee or non-responding minority party leader's designee and the designee shall either be immediately available or is deemed to vote for approval of the release of funds from the COVID-19 Rainy Day Fund.
(4)
(A)
The action taken under this subsection shall be reported to the members of the General Assembly.
(B)
The report shall include:
(i)
Remaining balances in the COVID-19 Rainy Day Fund;
(ii)
Total amount released to date; and
(iii)
The amount of each prior release and the purpose of the release.
(e)
Determining the general revenue funding for a state agency each fiscal year is the prerogative of the General Assembly. This is usually accomplished by delineating such maximums for a state agency with general revenue allocations authorized for each fund and fund account by amendment to the Revenue Stabilization Law, §
19-5-101
et seq. Further, the General Assembly has determined that the various state agencies may operate more efficiently if some flexibility is provided authorizing broad powers under this section. Therefore, it is both necessary and appropriate that the General Assembly maintain oversight by requiring prior approval as set out in subsection (d) herein, by this section. The requirement of approval as set out in subsection (d) of this section is not a severable part of this section. If the requirement of approval as set out in subsection (d) of this section is ruled unconstitutional by a court of competent jurisdiction, this entire section is void.
Added by Act 2020EX1, No. 2,§ 1, eff. 3/28/2020.
Added by Act 2020EX1, No. 1,§ 1, eff. 3/28/2020.