(1) The governing body of any city or the quorum court of any county in Arkansas shall be authorized under this subchapter to establish by ordinance a program for the awarding of grants to any nonprofit corporation, organization, or association to aid or assist or otherwise promote economic development in the city or the county or in their surrounding areas.
(2) The grants shall be paid from funds appropriated by the governing body of the city or the quorum court for the economic development grant program authorized by this subchapter.