(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 “Technology Acceleration Fund”.
(2) The Technology Acceleration Fund shall consist of funds transferred to it from the General Improvement Fund or its successor fund or fund accounts, including the Development and Enhancement Fund, or other funds, gifts, bequests, foundation grants and gifts, Governor's Emergency Fund or other emergency funds, federal grants and matching funds, proceeds from bond issues, service charges or fees, interagency transfers of funds, and other funds as may be appropriated by the General Assembly.
(3) The Technology Acceleration Fund shall consist of money transferred from the General Revenue Allotment Reserve Fund and any other money provided by law.
(4) The Technology Acceleration Fund shall be used by the Arkansas Economic Development Commission and the Arkansas Development Finance Authority for investment incentives to enhance the economy of the state through technology development.
(5) Money from the Technology Acceleration Fund may be used in conjunction with other incentives offered by the state to create, attract, or retain business.
(6) Any proposed use of the Technology Acceleration Fund by the commission or the authority shall first be approved by the Governor.
(7) The commission and the authority shall make a joint recommendation to the Governor for any proposed use of the Technology Acceleration Fund.