(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Disaster Assistance Fund”.
(b) The Disaster Assistance Fund shall consist of moneys received from the Budget Stabilization Trust Fund in such amounts as may be required to provide state moneys for each declared emergency or major disaster as required by the Arkansas Emergency Services Act of 1973, § 12-75-101 et seq., but not to exceed in the aggregate the sum of thirteen million two hundred fifty thousand dollars ($13,250,000) per fiscal year.
(c)
(1) The Chief Fiscal Officer of the State may authorize temporary loans of moneys from the Budget Stabilization Trust Fund to the Disaster Assistance Fund for making available immediate payments to individuals, families, and public assistance grants for providing assistance to such recipients that may be eligible for federal assistance.
(2)
(A) These temporary loans shall be repaid to the Budget Stabilization Trust Fund upon receipt of any federal funds for each declared emergency.
(B) For each declared emergency, the temporary loans shall be repaid on or before June 30 in the year the loan was made.
(C) However, the temporary loan shall not be necessarily repaid on or before June 30 of the fiscal year in which the loan was made, but may be repaid upon availability of federal moneys for such purpose.
(d)
(1) Funds credited to the Disaster Assistance Fund shall be used for making grants, loans, and assistance payments, as authorized by the Arkansas Emergency Services Act of 1973, § 12-75-101 et seq., and applicable federal laws for making grants and assistance payments to eligible recipients enumerated in the Arkansas Emergency Services Act of 1973, § 12-75-101 et seq.
(2) The moneys or funds may also be used for making refunds of federal moneys or funds advanced or determined to be ineligible disbursements.