(a)
(1) The Arkansas Waterways Commission shall establish and administer the Arkansas Port, Intermodal, and Waterway Development Grant Program that shall be used to provide financial assistance to port authorities and intermodal authorities for the purpose of funding port development projects, including without limitation the construction, improvement, capital facility rehabilitation, and expansion of a public port facility, including without limitation an intermodal facility and a maritime-related industrial park infrastructure development.
(2) Wharves, cargo handling equipment, utilities, railroads, primary access roads, and buildings that are an integral part of a port development project are also eligible for funding under this section.
(b) The goals of the program are to:
(1) Ensure that adequate land-side facilities are available to meet a definite market need by providing guidance and public funds to build land-side infrastructure that will provide jobs and competitive transportation costs for moving cargo, thereby minimizing highway congestion, improving safety, and reducing maintenance costs related to Arkansas's highways; and
(2) Provide funding for dredging ports and waterways to allow Arkansas products to reach additional markets.
(c)
(1) An Arkansas public port authority or intermodal authority may apply for funding of a port development project under the program.
(2) The Chief Fiscal Officer of the State shall notify the commission when funding is available for the program.
(d) The application required under subdivision (c)(1) of this section shall include the following:
(1) A description of the port development project;
(2) Evidence that the port authority or intermodal authority has an immediate need for the port development project;
(3) A description of the benefits to be derived from the port development project;
(4) A preliminary design of the port development project;
(5) A cost estimate for the port development project;
(6) A description of the port development project area; and
(7) Any other information or documentation required by the commission.
(e) The funding provided under the program shall not exceed ninety percent (90%) of the cost of construction or fifty percent (50%) of the dredging costs.
(f) The commission shall promulgate rules to implement this section.
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