(b)

1. (1) The ten percent (10%) credited to the Natural and Cultural Resources Historic Preservation Trust Fund (Acts 1987, No. 729, Arkansas Code §§ 15-12-101 – 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.
2. (2) Such funds shall be transferred to such accounts, using the percentages approved by the Arkansas Natural and Cultural Resources Council, as funds are received from the real estate transfer tax.
3. (3) 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.
4. (4) The report shall be filed with the Secretary of the Arkansas Natural and Cultural Resources Council no later than July 31 of each year.

(c)

1. (1) The ten percent (10%) credited to the Parks and Tourism Outdoor Recreation Grants Fund, to be used by the Department of Parks, Heritage, and Tourism, shall be distributed directly to the department.
2. (2) The department shall file a financial report for expenditures as of June 30 of each year.
3. (3) This report shall be filed with the council’s secretary no later than July 31 of each year.

(d)

1. (1) 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.
2. (2) Funds for granting in May 1989 would be those collected in May 1988 – April 1989.