Section 19-5-1154 - Rural Broadband I.D. Expenses Trust Fund - Creation - Purpose - Definitions(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State, a trust fund to be known as the "Rural Broadband I.D. Expenses Trust Fund".(b) The Rural Broadband I.D. Expenses Trust Fund shall be used for one-time grants for the defrayment of expenses for broadband due-diligence business studies incurred by prospective federal broadband program applicants, in anticipation of and before application for funding from:(1) The Federal Communications Commission's Rural Digital Opportunity Fund program;(2) The United States Department of Agriculture's Rural eConnectivity Pilot Program, otherwise known as the "ReConnect Program";(3) The United States Department of Agriculture's "Farm Bill"; or(4) Other federal grants or loans for broadband development programs.(c) The Rural Broadband I.D. Expenses Trust Fund shall consist of funds authorized or provided by law.(d) Broadband due-diligence business studies shall be conducted and concluded within one hundred eighty (180) days of the receipt of the Rural Broadband I.D. Expenses Trust Fund grant.(e) Upon receipt of a Rural Broadband I.D. Expenses Trust Fund grant, the local entity shall file a surety bond for the benefit of the State of Arkansas with the Treasurer of State in the amount of the Rural Broadband I.D. Expenses Trust Fund grant for assurance that the Rural Broadband I.D. Expenses Trust Fund grant is utilized for broadband due-diligence business studies.(f) As used in this section:(1)(A) "Broadband due-diligence business studies" means analytical research designed to acquire the data necessary to support applications for federal grants or loans for broadband development programs.(B) "Broadband due-diligence business studies" includes without limitation: (i) Full feasibility determinations, including economic business plans;(ii) Twenty-year financial break-even analysis;(iii) Competitive broadband analysis;(iv) Demographic analysis, with comparison to other projects;(v) The ordering of construction plans to maximize return; and(vi) Analysis of federal funding opportunities; and(2) "Local entity" means a county, including without limitation an unincorporated community within a county, a city of the first class, a city of the second class, and an incorporated town.Added by Act 2020F, No. 139,§ 27, eff. 7/1/2020.