(a) There is created a program to be known as the “Arkansas Lignite Resources Pilot Program”.
(b) The program shall be developed and administered by Southern Arkansas University, the Arkansas Geological Survey, and the Arkansas Economic Development Commission.
(c) The purpose of the program is to:
(1) Examine the feasibility of the use of lignite as a potential energy source;
(2) Explore and utilize lignite as an energy resource, including without limitation a synthetic fuels-based research program;
(3) Develop public and private partnerships with other entities to develop the untapped energy resource of lignite to stimulate Arkansas's economy; and
(4) Develop practical applications for the use of lignite resources as an alternative energy source.