§ 14-173-102 — Definitions

As used in this chapter, unless the context otherwise requires: (1) "City" means any city of the first class, any city of the second class, or any incorporated town established by the laws of the State of Arkansas; (2) "County" means any county in the State of Arkansas; (3) "Economic development grant program" means a governmental program to award grants to nonprofit corporations to encourage the location, relocation, creation, or development of a business, industry, manufacturing facility, transportation facility, or other economic unit which creates jobs, employs people, or generates economic activity; (4) "Grant" means an award or transfer of public funds to a nonprofit corporation under a set of prescribed criteria to accomplish the public purpose of economic development in the city or in the county or in their surrounding areas; and (5) "Grantee" means the nonprofit corporation to whom the grant is awarded based on the prescribed criteria for awarding the funds under the establishing ordinance.

Legislative History

Acts 1989, No. 405, § 2.