(1) The matching funds authorized by this subchapter are to be used primarily to attract federal funds to the state for basic and strategic research.
(2) The Director of the Arkansas Economic Development Commission, with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, may approve multi-year research grants, but disbursements of the matching funds authorized by this subchapter shall be for no more than a twelve-month period.