(a) There is hereby created restricted receipt accounts, within the office of the governor, for the office of economic recovery and reinvestment, and within the department of administration for the office of internal audit and the division of purchasing, to be known as ARRA administrative expense accounts. Payments from the accounts shall be limited to expenses for administrative oversight of American Recovery and Reinvestment Act (ARRA) funds. The governor's office of economic recovery and reinvestment is authorized by OMB memorandum 09-18 to receive up to one-half percent (0.5%) of stimulus funding to cover oversight expenses.
(b) All amounts deposited in the ARRA administration accounts shall be exempt from the indirect cost recovery provisions of § 35-4-27.
(c) It is hereby provided, at the end of the American Recovery and Reinvestment Act oversight period, balances from the ARRA administrative accounts shall revert to general revenues.
History of Section.
P.L. 2010, ch. 23, art. 8, § 6.