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SB 2 - Establishes a COVID-19 Emergency Fund - Arkansas Key Vote

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Title: Establishes a COVID-19 Emergency Fund

Vote Smart's Synopsis:

Vote to pass a bill that establishes a COVID-19 emergency fund.

Highlights:

 

  • Specifies that the COVID-19 Rainy Day Fund will include the following (Sec 1): 

    • Funds transferred from the General Revenue Allotment Reserve Fund;

    • Any revenues provided by law; and 

    • Any fund or fund account transfers provided by law.

  • Specifies that the Chief Fiscal Officer of the State can use the funds authorized by the General Assembly to offset the unanticipated needs of the COVID-19 crisis (Sec 1). 

  • Specifies that the release of the funds will require approval from the following individuals or their designee (Sec 1):

    • The Speak of the House of Representatives; 

    • The Majority party leader of the House of Representatives; 

    • The Minority party leader of the House of Representatives;

    • The President Pro Tempore of the Senate;

    • The Majority party leader of the Senate; and

    • The Minority party leader of the Senate.

  • Requires the Chief Fiscal Officer to transfer $173.6 million from the General Revenue Allotment Reserve Fund to the COVID-19 Rainy Day Fund on the effective date of this act (Sec 2). 

  • Requires the Chief Fiscal Officer to transfer any remaining funds from the COVID-19 Rainy Day Fund to the General Revenue Allotment Reserve Fund on June 30, 2020 (Sec 2). 

  • Authorizes a state of emergency in the state of Arkansas (Sec 3).

Full Bill Text

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