A. Funds will be collected and deposited pursuant to the purposes as stated in Act 729 of 1987, as codified in Arkansas Code Annotated 15-12-101 through 15-12-103.

B. The ten percent (10%) credited to the Natural and Cultural Resources Historic Preservation Fund (Act 729 of 1987, A. C. A. 15-12-101 through 15-12-103) shall be divided between the Arkansas Historic Preservation Program and the Main Street Arkansas Program in a manner determined by the Director of the Arkansas Historic Preservation Program. Such funds shall be transferred to such accounts, using the percentages approved by the Council, as funds are received from the real estate transfer tax.

The Arkansas Historic Preservation Program and the Main Street Arkansas Program shall be required to file a financial report for expenditures as of June 30 of each year. The report shall be filed with the Council's Secretary/Disbursing Officer no later than July 31 of each year.

C. The ten percent (10%) credited to the Parks and Tourism Fund, to be used by the Department of Parks and Tourism, shall be distributed directly to the Department of Parks and Tourism.

The Department of Parks and Tourism shall file a financial report for expenditures as of June 30 of each year. This report shall be filed with the Council's Secretary/Disbursing Officer no later than July 31 of each year.

D. Beginning in the State fiscal year 1989, the first complete cycle will be established whereby funds collected in a previous twelve month period (May - April) for the Natural and Cultural Resources Grants and Trust Fund, may not be expended until the first day of July following the April of collection, unless emergency procedures are followed. Funds for granting in May, 1989, would be those collected in May, 1988 - April, 1989.