(1) The Arkansas Economic Development Commission is the state agency responsible for implementing programs and policies aimed at improving the state's economic condition.
(2) The purposes of the commission are to: Serve as the primary governmental source for carrying out the Governor's plan for economic development in the state;
(3) Promote the state with a central focus on state, local, and regional economic development efforts;
(4) Coordinate the activities of private and public efforts to advance economic development in the state;
(5) Compile and disseminate all available information pertinent to the economic opportunities afforded by the state;
(6) Receive and disburse funds for the purpose of community and economic development; and
(7) Perform other duties as designated by the Governor.