(a) A regional economic development partnership shall match the state funds allocated to the regional economic development partnership on the basis of at least one dollar ($1.00) of local matching funds for every one dollar ($1.00) of state funds.
(b) If a regional economic development partnership does not provide proof of sufficient matching funds before the release of state funds, the Arkansas Economic Development Commission shall reduce the award of state funds in the amount necessary to adhere to the required one-to-one ratio of local matching dollars to state dollars.
(c) Local matching funds may be:
(1) Provided by public sources, private sources, or a combination of public sources and private sources; and
(2) (A) Received in the form of cash, in-kind contributions, or a combination of cash and in-kind contributions.
(B) In-kind contributions shall not be more than forty percent (40%) of the regional economic development partnership's total matching funds.
Section: Previous 15-4-3402 15-4-3403 15-4-3404 15-4-3405 15-4-3406 15-4-3407 15-4-3408 15-4-3409 15-4-3410 15-4-3411 15-4-3412 NextLast modified: November 15, 2016