(a)(1) Grant and loan funds shall only be awarded under this subchapter upon submission of evidence of the ability to provide an amount of local public or private dollars, or both, equal to or greater than one-third (1/3) of the state's capital grant contribution to any project.(2) In no event shall the state capital grant contribution to any project authorized under this subchapter exceed the sum of one hundred fifty thousand dollars ($150,000).(b) Any revolving loan funds utilized in meeting the total cost of any project authorized under this subchapter shall be interest free and shall have terms not to exceed ten (10) years.(c) Any award of funds under this section shall be subject to review and approval by the Division of Youth Services, which shall promulgate rules to effectuate the provisions of this section.Amended by Act 2019, No. 315,§ 914, eff. 7/24/2019.Acts 1989, No. 486, § 6.
Arkansas Legal Code