(1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the “Economic Development Incentive Quick Action Closing Fund”.
(2) The Economic Development Incentive Quick Action Closing Fund shall consist of money transferred from the General Revenue Allotment Reserve Fund and any other money provided by law.
(3) The Economic Development Incentive Quick Action Closing Fund shall be used by the Arkansas Economic Development Commission for investment incentives to compete with other states to attract new business and economic development to the state or to retain existing business in the state.
(4) Money from the Economic Development Incentive Quick Action Closing Fund may be used in conjunction with other incentives offered by the state to attract new business or retain existing business.
(5) Any proposed use of the Economic Development Incentive Quick Action Closing Fund by the Arkansas Economic Development Commission shall first be approved by the Governor.
(6) Upon approval by the Governor, the Governor shall submit the proposed use of the Economic Development Incentive Quick Action Closing Fund for the review of the Legislative Council.
(7) The Arkansas Economic Development Commission shall submit an annual written report to the Legislative Council concerning the Economic Development Incentive Quick Action Closing Fund, which will contain the following: The name and address of the businesses receiving money from the Economic Development Incentive Quick Action Closing Fund;
(8) The date, amount, and reason of the disbursements of money from the Economic Development Incentive Quick Action Closing Fund;
(9) An evaluation of the effectiveness of the disbursements made from the Economic Development Incentive Quick Action Closing Fund; and
(10) Any suggestions for improving the use of the Economic Development Incentive Quick Action Closing Fund.