Ark. Code Ann. § 19-4-522 — AR Code / Title 19 / Chapter 4 / Subchapter 5 / Section 19-4-522
Maintenance and general operation
Status: in_force

(a) The maintenance and general operation classification shall cover items of expense necessary for the proper and efficient operation of the state agency, authority, board, commission, department, or institution of higher education, except as otherwise classified in this subchapter. (b) It is recognized that in those instances where the maintenance and general operation line-item classification is not subclassified, the state agency is authorized to expend moneys for operations in compliance with the intent of this subchapter. (c) In the event an appropriation for maintenance and general operation authorized for a state agency, board, department, or institution is restricted in its use by budget classification as set out in subsection (d) of this section, transfers between such classifications may be made subject to the procedures set out as follows: (1) In the event the amount of any of the budget classifications of maintenance and general operation in an agency's appropriation act are found by the administrative head of the agency to be inadequate, then the agency head may request, upon forms provided for such purpose by the Chief Fiscal Officer of the State, a modification of the amounts of the budget classification. In that event, he or she shall set out on the forms the particular classifications for which he or she is requesting an increase or decrease, the amounts thereof, and his or her reasons therefor. In no event shall the total amount of the budget exceed either the amount of the appropriation or the amount of the funds available, nor shall any transfer be made from the capital outlay or data processing subclassification unless specific authority for such transfers is provided by law, except for transfers from capital outlay to data processing when determined by the Division of Information Systems that data processing services for a state agency can be performed on a more cost-efficient basis by the division than through the purchase of data processing equipment by that state agency; (2) In considering the proposed modification as prepared and submitted by each state agency, the Chief Fiscal Officer of the State shall make such studies as he or she deems necessary. If the requested transfer would, when added to other transfers previously approved during the fiscal year for the same classification with the same appropriation, result in a deviation of any kind in the affected classifications of less than five percent (5%) up to a maximum of two thousand five hundred dollars ($2,500) from the classifications established by law, the Chief Fiscal Officer of the State shall approve the requested transfer if in his or her opinion it is in the best interest of the state. If the requested transfer would, when added to other transfers previously approved during the fiscal year for the same classification within the same appropriation, result in a deviation of five percent (5%) or more, or more than two thousand five hundred dollars ($2,500), the Chief Fiscal Officer of the State shall submit the request, along with his or her recommendation, to the Legislative Council for its advice prior to approving the request; and (3) In the event any state agency shall expend or obligate any approved budget in excess of the maximum classification, the Chief Fiscal Officer of the State shall study the reasons for such excess expenditures and shall take immediate steps to correct such excess spending as he or she deems necessary after notification of such actions has been sent to the Legislative Council. (d) Maintenance and general operation may be further categorized into the following subclassifications and the expenses thereof to be used according to the subclassification: (1) Operating Expenses. This subclassification shall entail the following, but not necessarily be limited thereto: (A) Postage, telephone, and telegraph; (B) Transportation of commodities or objects; (C) Printing; (D) State-owned motor vehicle expenses; (E) Advertising; (F) Minor and major repairs; (G) Maintenance contracts; (H) Utilities and fuel; (I) Insurance premiums, surety and performance bonds, and association dues and memberships; (J) Contractual services not otherwise classified; (K) Consumable supplies, materials, and commodities; (L) Books, publications, and newspapers; (M) Court costs; (N) Equipment not capitalized; (O) Applicable petty cash reimbursements, laundry, and taxes; (P) Travel, subsistence, meals, lodging, transportation of state employees or officials, and nonstate employees traveling on official business; (Q) (i) Uniforms the agency requires its employees to wear as part of the job. (ii) Clothing items purchased for its employees and not required to be worn during working hours, or which are purchased for the promotion of the agency, shall not be subclassified as an operating expense; (R) Such other items of operating expense as shall be provided by the appropriation act or under reasonable rules and procedures issued by the Chief Fiscal Officer of the State; and (S) Debt service on equipment or measures required by a guaranteed energy cost savings contract executed under the Guaranteed Energy Cost Savings Act, § 19-11-1201 et seq., or an energy efficiency project financed under the State Entity Energy Efficiency Project Bond Act, § 15-5-1801 et seq.; (2) Conference and Travel Expenses. This subclassification shall include: (A) The costs of an employee attending a conference, seminar, or training program; and (B) The costs of a state agency-sponsored or hosted conference, seminar, or training program where the expenses are not otherwise classified according to this section; (3) Professional Fees. This subclassification shall include the expenses for contractual agreements entered into by the state agency with an individual, partnership, corporation, or anyone other than a state employee to provide a particular document, report, speech, study, or commodity other than those contractual agreements that by their nature would be classified elsewhere in this subchapter; (4) Capital Outlay. This subclassification is to include the following expenses, but is not necessarily limited thereto by virtue of other classifications recognized by this subchapter: (A) Purchase of land, buildings, equipment, furniture, and fixtures; and (B) Contractual agreements, all of which are to be capitalized from the maintenance and general operation classification of appropriation; and (5) Data Processing. This subclassification includes purchase of data processing services from the division, or others, and other expenses that are not necessarily classified elsewhere in this section by virtue of the appropriation based upon budgets presented for consideration. (e) Notwithstanding this section or any other law to the contrary, state-supported colleges and universities may utilize maintenance and operation appropriations for the payment of moving expenses of employees, including new hires. Amended by Act 2019, No. 315,§ 1710, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 6081, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 6080, eff. 7/1/2019. Amended by Act 2013, No. 1252,§ 5, eff. 8/16/2013. Amended by Act 2013, No. 554,§ 1, eff. 8/16/2013. Acts 1973, No. 876, § 12; 1977, No. 813, § 1; 1979, No. 833, §§ 1, 2; 1981, No. 741, § 1; 1981, No. 924, § 1; 1983, No. 628, § 1; 1985, No. 365, §§ 2, 3, 12; A.S.A. 1947, § 13-338; Acts 1987, No. 646, § 2; 1997, No. 342, § 40; 1997, No. 1211, § 29; 2001, No. 163, § 1; 2001, No. 1453, § 11.

(a) The maintenance and general operation classification shall cover items of expense necessary for the proper and efficient operation of the state agency, authority, board, commission, department, or institution of higher education, except as otherwise classified in this subchapter.

(b) It is recognized that in those instances where the maintenance and general operation line-item classification is not subclassified, the state agency is authorized to expend moneys for operations in compliance with the intent of this subchapter.

(c) In the event an appropriation for maintenance and general operation authorized for a state agency, board, department, or institution is restricted in its use by budget classification as set out in subsection (d) of this section, transfers between such classifications may be made subject to the procedures set out as follows: (1) In the event the amount of any of the budget classifications of maintenance and general operation in an agency's appropriation act are found by the administrative head of the agency to be inadequate, then the agency head may request, upon forms provided for such purpose by the Chief Fiscal Officer of the State, a modification of the amounts of the budget classification. In that event, he or she shall set out on the forms the particular classifications for which he or she is requesting an increase or decrease, the amounts thereof, and his or her reasons therefor. In no event shall the total amount of the budget exceed either the amount of the appropriation or the amount of the funds available, nor shall any transfer be made from the capital outlay or data processing subclassification unless specific authority for such transfers is provided by law, except for transfers from capital outlay to data processing when determined by the Division of Information Systems that data processing services for a state agency can be performed on a more cost-efficient basis by the division than through the purchase of data processing equipment by that state agency; (2) In considering the proposed modification as prepared and submitted by each state agency, the Chief Fiscal Officer of the State shall make such studies as he or she deems necessary. If the requested transfer would, when added to other transfers previously approved during the fiscal year for the same classification with the same appropriation, result in a deviation of any kind in the affected classifications of less than five percent (5%) up to a maximum of two thousand five hundred dollars ($2,500) from the classifications established by law, the Chief Fiscal Officer of the State shall approve the requested transfer if in his or her opinion it is in the best interest of the state. If the requested transfer would, when added to other transfers previously approved during the fiscal year for the same classification within the same appropriation, result in a deviation of five percent (5%) or more, or more than two thousand five hundred dollars ($2,500), the Chief Fiscal Officer of the State shall submit the request, along with his or her recommendation, to the Legislative Council for its advice prior to approving the request; and (3) In the event any state agency shall expend or obligate any approved budget in excess of the maximum classification, the Chief Fiscal Officer of the State shall study the reasons for such excess expenditures and shall take immediate steps to correct such excess spending as he or she deems necessary after notification of such actions has been sent to the Legislative Council.

(1) In the event the amount of any of the budget classifications of maintenance and general operation in an agency's appropriation act are found by the administrative head of the agency to be inadequate, then the agency head may request, upon forms provided for such purpose by the Chief Fiscal Officer of the State, a modification of the amounts of the budget classification. In that event, he or she shall set out on the forms the particular classifications for which he or she is requesting an increase or decrease, the amounts thereof, and his or her reasons therefor. In no event shall the total amount of the budget exceed either the amount of the appropriation or the amount of the funds available, nor shall any transfer be made from the capital outlay or data processing subclassification unless specific authority for such transfers is provided by law, except for transfers from capital outlay to data processing when determined by the Division of Information Systems that data processing services for a state agency can be performed on a more cost-efficient basis by the division than through the purchase of data processing equipment by that state agency;

(2) In considering the proposed modification as prepared and submitted by each state agency, the Chief Fiscal Officer of the State shall make such studies as he or she deems necessary. If the requested transfer would, when added to other transfers previously approved during the fiscal year for the same classification with the same appropriation, result in a deviation of any kind in the affected classifications of less than five percent (5%) up to a maximum of two thousand five hundred dollars ($2,500) from the classifications established by law, the Chief Fiscal Officer of the State shall approve the requested transfer if in his or her opinion it is in the best interest of the state. If the requested transfer would, when added to other transfers previously approved during the fiscal year for the same classification within the same appropriation, result in a deviation of five percent (5%) or more, or more than two thousand five hundred dollars ($2,500), the Chief Fiscal Officer of the State shall submit the request, along with his or her recommendation, to the Legislative Council for its advice prior to approving the request; and

(3) In the event any state agency shall expend or obligate any approved budget in excess of the maximum classification, the Chief Fiscal Officer of the State shall study the reasons for such excess expenditures and shall take immediate steps to correct such excess spending as he or she deems necessary after notification of such actions has been sent to the Legislative Council.

(d) Maintenance and general operation may be further categorized into the following subclassifications and the expenses thereof to be used according to the subclassification: (1) Operating Expenses. This subclassification shall entail the following, but not necessarily be limited thereto: (A) Postage, telephone, and telegraph; (B) Transportation of commodities or objects; (C) Printing; (D) State-owned motor vehicle expenses; (E) Advertising; (F) Minor and major repairs; (G) Maintenance contracts; (H) Utilities and fuel; (I) Insurance premiums, surety and performance bonds, and association dues and memberships; (J) Contractual services not otherwise classified; (K) Consumable supplies, materials, and commodities; (L) Books, publications, and newspapers; (M) Court costs; (N) Equipment not capitalized; (O) Applicable petty cash reimbursements, laundry, and taxes; (P) Travel, subsistence, meals, lodging, transportation of state employees or officials, and nonstate employees traveling on official business; (Q) (i) Uniforms the agency requires its employees to wear as part of the job. (ii) Clothing items purchased for its employees and not required to be worn during working hours, or which are purchased for the promotion of the agency, shall not be subclassified as an operating expense; (R) Such other items of operating expense as shall be provided by the appropriation act or under reasonable rules and procedures issued by the Chief Fiscal Officer of the State; and (S) Debt service on equipment or measures required by a guaranteed energy cost savings contract executed under the Guaranteed Energy Cost Savings Act, § 19-11-1201 et seq., or an energy efficiency project financed under the State Entity Energy Efficiency Project Bond Act, § 15-5-1801 et seq.; (2) Conference and Travel Expenses. This subclassification shall include: (A) The costs of an employee attending a conference, seminar, or training program; and (B) The costs of a state agency-sponsored or hosted conference, seminar, or training program where the expenses are not otherwise classified according to this section; (3) Professional Fees. This subclassification shall include the expenses for contractual agreements entered into by the state agency with an individual, partnership, corporation, or anyone other than a state employee to provide a particular document, report, speech, study, or commodity other than those contractual agreements that by their nature would be classified elsewhere in this subchapter; (4) Capital Outlay. This subclassification is to include the following expenses, but is not necessarily limited thereto by virtue of other classifications recognized by this subchapter: (A) Purchase of land, buildings, equipment, furniture, and fixtures; and (B) Contractual agreements, all of which are to be capitalized from the maintenance and general operation classification of appropriation; and (5) Data Processing. This subclassification includes purchase of data processing services from the division, or others, and other expenses that are not necessarily classified elsewhere in this section by virtue of the appropriation based upon budgets presented for consideration.

(1) Operating Expenses. This subclassification shall entail the following, but not necessarily be limited thereto: (A) Postage, telephone, and telegraph; (B) Transportation of commodities or objects; (C) Printing; (D) State-owned motor vehicle expenses; (E) Advertising; (F) Minor and major repairs; (G) Maintenance contracts; (H) Utilities and fuel; (I) Insurance premiums, surety and performance bonds, and association dues and memberships; (J) Contractual services not otherwise classified; (K) Consumable supplies, materials, and commodities; (L) Books, publications, and newspapers; (M) Court costs; (N) Equipment not capitalized; (O) Applicable petty cash reimbursements, laundry, and taxes; (P) Travel, subsistence, meals, lodging, transportation of state employees or officials, and nonstate employees traveling on official business; (Q) (i) Uniforms the agency requires its employees to wear as part of the job. (ii) Clothing items purchased for its employees and not required to be worn during working hours, or which are purchased for the promotion of the agency, shall not be subclassified as an operating expense; (R) Such other items of operating expense as shall be provided by the appropriation act or under reasonable rules and procedures issued by the Chief Fiscal Officer of the State; and (S) Debt service on equipment or measures required by a guaranteed energy cost savings contract executed under the Guaranteed Energy Cost Savings Act, § 19-11-1201 et seq., or an energy efficiency project financed under the State Entity Energy Efficiency Project Bond Act, § 15-5-1801 et seq.;

(A) Postage, telephone, and telegraph;

(B) Transportation of commodities or objects;

(C) Printing;

(D) State-owned motor vehicle expenses;

(E) Advertising;

(F) Minor and major repairs;

(G) Maintenance contracts;

(H) Utilities and fuel;

(I) Insurance premiums, surety and performance bonds, and association dues and memberships;

(J) Contractual services not otherwise classified;

(K) Consumable supplies, materials, and commodities;

(L) Books, publications, and newspapers;

(M) Court costs;

(N) Equipment not capitalized;

(O) Applicable petty cash reimbursements, laundry, and taxes;

(P) Travel, subsistence, meals, lodging, transportation of state employees or officials, and nonstate employees traveling on official business;

(Q) (i) Uniforms the agency requires its employees to wear as part of the job. (ii) Clothing items purchased for its employees and not required to be worn during working hours, or which are purchased for the promotion of the agency, shall not be subclassified as an operating expense;

(i) Uniforms the agency requires its employees to wear as part of the job.

(ii) Clothing items purchased for its employees and not required to be worn during working hours, or which are purchased for the promotion of the agency, shall not be subclassified as an operating expense;

(R) Such other items of operating expense as shall be provided by the appropriation act or under reasonable rules and procedures issued by the Chief Fiscal Officer of the State; and

(S) Debt service on equipment or measures required by a guaranteed energy cost savings contract executed under the Guaranteed Energy Cost Savings Act, § 19-11-1201 et seq., or an energy efficiency project financed under the State Entity Energy Efficiency Project Bond Act, § 15-5-1801 et seq.;

(2) Conference and Travel Expenses. This subclassification shall include: (A) The costs of an employee attending a conference, seminar, or training program; and (B) The costs of a state agency-sponsored or hosted conference, seminar, or training program where the expenses are not otherwise classified according to this section;

(A) The costs of an employee attending a conference, seminar, or training program; and

(B) The costs of a state agency-sponsored or hosted conference, seminar, or training program where the expenses are not otherwise classified according to this section;

(3) Professional Fees. This subclassification shall include the expenses for contractual agreements entered into by the state agency with an individual, partnership, corporation, or anyone other than a state employee to provide a particular document, report, speech, study, or commodity other than those contractual agreements that by their nature would be classified elsewhere in this subchapter;

(4) Capital Outlay. This subclassification is to include the following expenses, but is not necessarily limited thereto by virtue of other classifications recognized by this subchapter: (A) Purchase of land, buildings, equipment, furniture, and fixtures; and (B) Contractual agreements, all of which are to be capitalized from the maintenance and general operation classification of appropriation; and

(A) Purchase of land, buildings, equipment, furniture, and fixtures; and

(B) Contractual agreements, all of which are to be capitalized from the maintenance and general operation classification of appropriation; and

(5) Data Processing. This subclassification includes purchase of data processing services from the division, or others, and other expenses that are not necessarily classified elsewhere in this section by virtue of the appropriation based upon budgets presented for consideration.

(e) Notwithstanding this section or any other law to the contrary, state-supported colleges and universities may utilize maintenance and operation appropriations for the payment of moving expenses of employees, including new hires.

Amended by Act 2019, No. 315,§ 1710, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 6081, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 6080, eff. 7/1/2019.

Amended by Act 2013, No. 1252,§ 5, eff. 8/16/2013.

Amended by Act 2013, No. 554,§ 1, eff. 8/16/2013.

Acts 1973, No. 876, § 12; 1977, No. 813, § 1; 1979, No. 833, §§ 1, 2; 1981, No. 741, § 1; 1981, No. 924, § 1; 1983, No. 628, § 1; 1985, No. 365, §§ 2, 3, 12; A.S.A. 1947, § 13-338; Acts 1987, No. 646, § 2; 1997, No. 342, § 40; 1997, No. 1211, § 29; 2001, No. 163, § 1; 2001, No. 1453, § 11.
Ark. Code Ann. § 19-5-1042 — AR Code / Title 19 / Chapter 5 / Subchapter 10 / Section 19-5-1042
Arkansas Water Resources Cost Share Revolving Fund
Status: in_force

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Arkansas Water Resources Cost Share Revolving Fund". (b) (1) The fund shall consist of funds appropriated or otherwise secured for the purposes of cost sharing with the federal government in local water resources development projects and loan repayments to the fund, there to be used to provide loans or grants to local governments for the purposes as established in the Arkansas Water Resources Cost Share Finance Act, § 15-22-801 et seq. (2) The fund may also be used to allow up to twenty percent (20%) of the total cost of a project as administrative costs. Acts 1991, No. 1135, § 11; 2001, No. 1646, § 24.

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Arkansas Water Resources Cost Share Revolving Fund".

(b) (1) The fund shall consist of funds appropriated or otherwise secured for the purposes of cost sharing with the federal government in local water resources development projects and loan repayments to the fund, there to be used to provide loans or grants to local governments for the purposes as established in the Arkansas Water Resources Cost Share Finance Act, § 15-22-801 et seq. (2) The fund may also be used to allow up to twenty percent (20%) of the total cost of a project as administrative costs.

(1) The fund shall consist of funds appropriated or otherwise secured for the purposes of cost sharing with the federal government in local water resources development projects and loan repayments to the fund, there to be used to provide loans or grants to local governments for the purposes as established in the Arkansas Water Resources Cost Share Finance Act, § 15-22-801 et seq.

(2) The fund may also be used to allow up to twenty percent (20%) of the total cost of a project as administrative costs.

Acts 1991, No. 1135, § 11; 2001, No. 1646, § 24.
Ark. Code Ann. § 19-5-1259 — AR Code / Title 19 / Chapter 5 / Subchapter 12 / Section 19-5-1259
Mandatory Publication Reimbursement Fund
Status: in_force

(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 miscellaneous fund to be known as the "Mandatory Publication Reimbursement Fund". (b) The fund shall consist of reimbursements to the Secretary of State for mandatory publication of petitions and measures under § 7-9-113 . Added by Act 2017, No. 982,§ 2, eff. 8/1/2017.

(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 miscellaneous fund to be known as the "Mandatory Publication Reimbursement Fund".

(b) The fund shall consist of reimbursements to the Secretary of State for mandatory publication of petitions and measures under § 7-9-113 .

Added by Act 2017, No. 982,§ 2, eff. 8/1/2017.
Ark. Code Ann. § 19-5-1226 — AR Code / Title 19 / Chapter 5 / Subchapter 12 / Section 19-5-1226
[Repealed]
Status: repealed

Repealed by Act 2017, No. 1127,§ 21, eff. 7/1/2017. Repealed by Act 2017, No. 1083,§ 21, eff. 7/1/2017. Acts 2003 (2nd Ex. Sess.), No. 72, § 1; 2005, No. 1962, § 85.

Repealed by Act 2017, No. 1127,§ 21, eff. 7/1/2017.

Repealed by Act 2017, No. 1083,§ 21, eff. 7/1/2017.

Acts 2003 (2nd Ex. Sess.), No. 72, § 1; 2005, No. 1962, § 85.
Ark. Code Ann. § 19-6-486 — AR Code / Title 19 / Chapter 6 / Subchapter 4 / Section 19-6-486
Catastrophic Reserve Fund
Status: in_force

(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 special revenue fund to be known as the "Catastrophic Reserve Fund". (b) The Catastrophic Reserve Fund shall consist of such funds as may be provided by the General Assembly. (c) The Catastrophic Reserve Fund shall be used to distribute moneys to one (1) or more funds or fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq. (d) (1) After determining the estimated amount of general revenue that will be available for allocation to the state agencies under the Revenue Stabilization Law, § 19-5-101 et seq., and after making the determination required by § 19-5-1227(c) and prior to making any transfers deemed necessary by the Chief Fiscal Officer of the State in § 19-5-1227(d) , the Chief Fiscal Officer of the State may transfer funds from the Catastrophic Reserve Fund in the event a revenue shortfall exists to meet the state's financial obligation to provide an adequate educational system for the state and to provide for the effective operation of state government. In the event the Chief Fiscal Officer of the State determines that a revenue shortfall exists as defined as a circumstance when the official forecast of gross general revenue certified by the Chief Fiscal Officer of the State is projected to increase less than three percent (3%) over and above the gross general revenue collections of the previous fiscal year due to changes in economic conditions, the Chief Fiscal Officer of the State may then transfer funds from the Catastrophic Reserve Fund, as approved by a vote of at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee, to various funds and fund accounts, as deemed necessary, in the Revenue Stabilization Law, § 19-5-101 et seq., for the purpose of meeting unanticipated shortfalls in state general revenue. (2) Or the Chief Fiscal Officer of the State may transfer funds from the Catastrophic Reserve Fund to the Economic Development Superprojects Project Fund for projects authorized under Arkansas Constitution, Amendment 82, as approved by the Governor and at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee. (3) (A) The Chief Fiscal Officer of the State may make a one-time transfer of up to fifty million dollars ($50,000,000) from the Catastrophic Reserve Fund or its successor fund or fund accounts to the General Revenue Allotment Reserve Fund before March 31, 2022. (B) A transfer under subdivision (d)(3)(A) of this section is not subject to the procedures established in subsection (e) of this section. (e) (1) Upon recommendation by the Chief Fiscal Officer of the State, the Governor may determine that circumstances exist that meet the requirements for the utilization of the Catastrophic Reserve Fund as set out in this section, and the procedures under this section shall apply. (2) When the Governor determines there is a need requiring transfer from the Catastrophic Reserve Fund, he or she shall instruct the Chief Fiscal Officer of the State to prepare and submit written documentation to the Legislative Council or the Joint Budget Committee. Such documentation shall include: (A) Sufficient financial data that will enable the verification of the existence of an emergency and the amount necessary to address the need for funds from the Catastrophic Reserve Fund; (B) A proposed distribution of moneys from the Catastrophic Reserve Fund to one (1) or more funds or fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both; and (C) A statement certifying that no other funds are available that could be transferred in lieu of the funds in the Catastrophic Reserve Fund. (3) Documentation under subdivision (e)(2) of this section shall be submitted to the Legislative Council or Joint Budget Committee for approval before the implementation of the proposed distribution. (4) (A) The Chief Fiscal Officer of the State, after having sought and received prior approval of at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee, shall cause the required transfers to be made on his or her books and on the books of the Treasurer of State and the Auditor of State from the Catastrophic Reserve Fund to the appropriate funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both. (B) In no event shall the amounts transferred in any fiscal year to the funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., by this section cause the general revenues to exceed the maximum allocations authorized in the Revenue Stabilization Law, § 19-5-101 et seq. (f) Determining the maximum amount of appropriation and general revenue funding for a state agency each fiscal year is the prerogative of the General Assembly. This is usually accomplished by delineating such maximums in the appropriation acts for a state agency and the general revenue allocations authorized for each fund and fund account by amendment to the Revenue Stabilization Law, § 19-5-101 et seq. Further, the General Assembly has determined that creating the Catastrophic Reserve Fund and establishing the procedures for the transfer of funds to various funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both, provides for the efficient and effective operation of state government if a revenue shortfall is determined to exist. Therefore, it is both necessary and appropriate that the General Assembly maintain oversight by requiring prior approval of the Legislative Council or Joint Budget Committee as provided by this section. The requirement of approval by the Legislative Council or Joint Budget Committee is not a severable part of this section. If the requirement of approval by the Legislative Council or Joint Budget Committee is ruled unconstitutional by a court of competent jurisdiction, this entire section is void. Amended by Act 2021EX2, No. 10,§ 2, eff. 12/9/2021. Amended by Act 2021EX2, No. 8,§ 2, eff. 12/9/2021. Amended by Act 2021EX2, No. 2,§ 3, eff. 12/9/2021. Amended by Act 2021EX2, No. 1,§ 3, eff. 12/9/2021. Amended by Act 2017EX1, No. 7,§ 2, eff. 5/4/2017. Amended by Act 2016EX3, No. 1,§ 15, eff. 7/1/2016. Acts 2002 (1st Ex. Sess.), No. 2, § 1; 2007, No. 1055, §§ 1-4.

(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 special revenue fund to be known as the "Catastrophic Reserve Fund".

(b) The Catastrophic Reserve Fund shall consist of such funds as may be provided by the General Assembly.

(c) The Catastrophic Reserve Fund shall be used to distribute moneys to one (1) or more funds or fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq.

(d) (1) After determining the estimated amount of general revenue that will be available for allocation to the state agencies under the Revenue Stabilization Law, § 19-5-101 et seq., and after making the determination required by § 19-5-1227(c) and prior to making any transfers deemed necessary by the Chief Fiscal Officer of the State in § 19-5-1227(d) , the Chief Fiscal Officer of the State may transfer funds from the Catastrophic Reserve Fund in the event a revenue shortfall exists to meet the state's financial obligation to provide an adequate educational system for the state and to provide for the effective operation of state government. In the event the Chief Fiscal Officer of the State determines that a revenue shortfall exists as defined as a circumstance when the official forecast of gross general revenue certified by the Chief Fiscal Officer of the State is projected to increase less than three percent (3%) over and above the gross general revenue collections of the previous fiscal year due to changes in economic conditions, the Chief Fiscal Officer of the State may then transfer funds from the Catastrophic Reserve Fund, as approved by a vote of at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee, to various funds and fund accounts, as deemed necessary, in the Revenue Stabilization Law, § 19-5-101 et seq., for the purpose of meeting unanticipated shortfalls in state general revenue. (2) Or the Chief Fiscal Officer of the State may transfer funds from the Catastrophic Reserve Fund to the Economic Development Superprojects Project Fund for projects authorized under Arkansas Constitution, Amendment 82, as approved by the Governor and at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee. (3) (A) The Chief Fiscal Officer of the State may make a one-time transfer of up to fifty million dollars ($50,000,000) from the Catastrophic Reserve Fund or its successor fund or fund accounts to the General Revenue Allotment Reserve Fund before March 31, 2022. (B) A transfer under subdivision (d)(3)(A) of this section is not subject to the procedures established in subsection (e) of this section.

(1) After determining the estimated amount of general revenue that will be available for allocation to the state agencies under the Revenue Stabilization Law, § 19-5-101 et seq., and after making the determination required by § 19-5-1227(c) and prior to making any transfers deemed necessary by the Chief Fiscal Officer of the State in § 19-5-1227(d) , the Chief Fiscal Officer of the State may transfer funds from the Catastrophic Reserve Fund in the event a revenue shortfall exists to meet the state's financial obligation to provide an adequate educational system for the state and to provide for the effective operation of state government. In the event the Chief Fiscal Officer of the State determines that a revenue shortfall exists as defined as a circumstance when the official forecast of gross general revenue certified by the Chief Fiscal Officer of the State is projected to increase less than three percent (3%) over and above the gross general revenue collections of the previous fiscal year due to changes in economic conditions, the Chief Fiscal Officer of the State may then transfer funds from the Catastrophic Reserve Fund, as approved by a vote of at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee, to various funds and fund accounts, as deemed necessary, in the Revenue Stabilization Law, § 19-5-101 et seq., for the purpose of meeting unanticipated shortfalls in state general revenue.

(2) Or the Chief Fiscal Officer of the State may transfer funds from the Catastrophic Reserve Fund to the Economic Development Superprojects Project Fund for projects authorized under Arkansas Constitution, Amendment 82, as approved by the Governor and at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee.

(3) (A) The Chief Fiscal Officer of the State may make a one-time transfer of up to fifty million dollars ($50,000,000) from the Catastrophic Reserve Fund or its successor fund or fund accounts to the General Revenue Allotment Reserve Fund before March 31, 2022. (B) A transfer under subdivision (d)(3)(A) of this section is not subject to the procedures established in subsection (e) of this section.

(A) The Chief Fiscal Officer of the State may make a one-time transfer of up to fifty million dollars ($50,000,000) from the Catastrophic Reserve Fund or its successor fund or fund accounts to the General Revenue Allotment Reserve Fund before March 31, 2022.

(B) A transfer under subdivision (d)(3)(A) of this section is not subject to the procedures established in subsection (e) of this section.

(e) (1) Upon recommendation by the Chief Fiscal Officer of the State, the Governor may determine that circumstances exist that meet the requirements for the utilization of the Catastrophic Reserve Fund as set out in this section, and the procedures under this section shall apply. (2) When the Governor determines there is a need requiring transfer from the Catastrophic Reserve Fund, he or she shall instruct the Chief Fiscal Officer of the State to prepare and submit written documentation to the Legislative Council or the Joint Budget Committee. Such documentation shall include: (A) Sufficient financial data that will enable the verification of the existence of an emergency and the amount necessary to address the need for funds from the Catastrophic Reserve Fund; (B) A proposed distribution of moneys from the Catastrophic Reserve Fund to one (1) or more funds or fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both; and (C) A statement certifying that no other funds are available that could be transferred in lieu of the funds in the Catastrophic Reserve Fund. (3) Documentation under subdivision (e)(2) of this section shall be submitted to the Legislative Council or Joint Budget Committee for approval before the implementation of the proposed distribution. (4) (A) The Chief Fiscal Officer of the State, after having sought and received prior approval of at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee, shall cause the required transfers to be made on his or her books and on the books of the Treasurer of State and the Auditor of State from the Catastrophic Reserve Fund to the appropriate funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both. (B) In no event shall the amounts transferred in any fiscal year to the funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., by this section cause the general revenues to exceed the maximum allocations authorized in the Revenue Stabilization Law, § 19-5-101 et seq.

(1) Upon recommendation by the Chief Fiscal Officer of the State, the Governor may determine that circumstances exist that meet the requirements for the utilization of the Catastrophic Reserve Fund as set out in this section, and the procedures under this section shall apply.

(2) When the Governor determines there is a need requiring transfer from the Catastrophic Reserve Fund, he or she shall instruct the Chief Fiscal Officer of the State to prepare and submit written documentation to the Legislative Council or the Joint Budget Committee. Such documentation shall include: (A) Sufficient financial data that will enable the verification of the existence of an emergency and the amount necessary to address the need for funds from the Catastrophic Reserve Fund; (B) A proposed distribution of moneys from the Catastrophic Reserve Fund to one (1) or more funds or fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both; and (C) A statement certifying that no other funds are available that could be transferred in lieu of the funds in the Catastrophic Reserve Fund.

(A) Sufficient financial data that will enable the verification of the existence of an emergency and the amount necessary to address the need for funds from the Catastrophic Reserve Fund;

(B) A proposed distribution of moneys from the Catastrophic Reserve Fund to one (1) or more funds or fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both; and

(C) A statement certifying that no other funds are available that could be transferred in lieu of the funds in the Catastrophic Reserve Fund.

(3) Documentation under subdivision (e)(2) of this section shall be submitted to the Legislative Council or Joint Budget Committee for approval before the implementation of the proposed distribution.

(4) (A) The Chief Fiscal Officer of the State, after having sought and received prior approval of at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee, shall cause the required transfers to be made on his or her books and on the books of the Treasurer of State and the Auditor of State from the Catastrophic Reserve Fund to the appropriate funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both. (B) In no event shall the amounts transferred in any fiscal year to the funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., by this section cause the general revenues to exceed the maximum allocations authorized in the Revenue Stabilization Law, § 19-5-101 et seq.

(A) The Chief Fiscal Officer of the State, after having sought and received prior approval of at least two-thirds (2/3) of the members of the Legislative Council or at least two-thirds (2/3) of the members of the Joint Budget Committee, shall cause the required transfers to be made on his or her books and on the books of the Treasurer of State and the Auditor of State from the Catastrophic Reserve Fund to the appropriate funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both.

(B) In no event shall the amounts transferred in any fiscal year to the funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., by this section cause the general revenues to exceed the maximum allocations authorized in the Revenue Stabilization Law, § 19-5-101 et seq.

(f) Determining the maximum amount of appropriation and general revenue funding for a state agency each fiscal year is the prerogative of the General Assembly. This is usually accomplished by delineating such maximums in the appropriation acts for a state agency and the general revenue allocations authorized for each fund and fund account by amendment to the Revenue Stabilization Law, § 19-5-101 et seq. Further, the General Assembly has determined that creating the Catastrophic Reserve Fund and establishing the procedures for the transfer of funds to various funds and fund accounts in the Revenue Stabilization Law, § 19-5-101 et seq., or to the Economic Development Superprojects Project Fund, or both, provides for the efficient and effective operation of state government if a revenue shortfall is determined to exist. Therefore, it is both necessary and appropriate that the General Assembly maintain oversight by requiring prior approval of the Legislative Council or Joint Budget Committee as provided by this section. The requirement of approval by the Legislative Council or Joint Budget Committee is not a severable part of this section. If the requirement of approval by the Legislative Council or Joint Budget Committee is ruled unconstitutional by a court of competent jurisdiction, this entire section is void.

Amended by Act 2021EX2, No. 10,§ 2, eff. 12/9/2021.

Amended by Act 2021EX2, No. 8,§ 2, eff. 12/9/2021.

Amended by Act 2021EX2, No. 2,§ 3, eff. 12/9/2021.

Amended by Act 2021EX2, No. 1,§ 3, eff. 12/9/2021.

Amended by Act 2017EX1, No. 7,§ 2, eff. 5/4/2017.

Amended by Act 2016EX3, No. 1,§ 15, eff. 7/1/2016.

Acts 2002 (1st Ex. Sess.), No. 2, § 1; 2007, No. 1055, §§ 1-4.
Ark. Code Ann. § 19-5-903 — AR Code / Title 19 / Chapter 5 / Subchapter 9 / Section 19-5-903
Corporate Income Tax Withholding Fund
Status: in_force

(a) There is established 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 "Corporate Income Tax Withholding Fund". (b) The Corporate Income Tax Withholding Fund shall consist of those general revenues transferred to the Corporate Income Tax Withholding Fund under the provisions of § 19-5-201 et seq. and those funds received from the Budget Stabilization Trust Fund as provided in § 19-5-501 et seq. (c) The Corporate Income Tax Withholding Fund shall be used to make income tax refunds to corporate taxpayers in such amounts as may be determined by the Chief Fiscal Officer of the State or the courts and for repaying temporary loans made during each month from the Budget Stabilization Trust Fund, as may be required. Acts 1973, No. 750, § 8; A.S.A. 1947, § 13-531.

(a) There is established 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 "Corporate Income Tax Withholding Fund".

(b) The Corporate Income Tax Withholding Fund shall consist of those general revenues transferred to the Corporate Income Tax Withholding Fund under the provisions of § 19-5-201 et seq. and those funds received from the Budget Stabilization Trust Fund as provided in § 19-5-501 et seq.

(c) The Corporate Income Tax Withholding Fund shall be used to make income tax refunds to corporate taxpayers in such amounts as may be determined by the Chief Fiscal Officer of the State or the courts and for repaying temporary loans made during each month from the Budget Stabilization Trust Fund, as may be required.

Acts 1973, No. 750, § 8; A.S.A. 1947, § 13-531.
Ark. Code Ann. § 19-11-1404 — AR Code / Title 19 / Chapter 11 / Subchapter 14 / Section 19-11-1404
Construction Manager-General Contractor Method of Procurement Pilot Program - Creation
Status: in_force

(a) The State Highway Commission may develop a Construction Manager-General Contractor Method of Procurement Pilot Program to test the utilization of the construction manager-general contractor method as a cost-effective option for constructing transportation projects. (b) (1) (A) For the first phase of the program, the commission may select a total of five (5) transportation projects on which to utilize the construction manager-general contractor method. (B) (i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(1)(A) of this section shall not exceed two hundred million dollars ($200,000,000). (ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(1)(A) of this section shall not exceed one hundred million dollars ($100,000,000). (2) (A) For the second phase of the program, beginning on August 1, 2023, the commission may select a total of five (5) additional transportation projects that are not currently in the procurement process on which to utilize the construction manager-general contractor method. (B) (i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(2)(A) of this section shall not exceed five hundred million dollars ($500,000,000). (ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(2)(A) of this section shall not exceed one hundred fifty million dollars ($150,000,000). (c) The Director of State Highways and Transportation shall send written notice identifying the transportation project and the reasons for deciding to apply the construction manager-general contractor method to that specific transportation project to: (1) The Chair of the House Committee on Public Transportation; and (2) The Chair of the Senate Committee on Public Transportation, Technology, and Legislative Affairs. (d) The program established under this subchapter shall terminate no later than June 30, 2026. Amended by Act 2023, No. 823,§ 2, eff. 8/1/2023. Amended by Act 2023, No. 823,§ 1, eff. 8/1/2023. Amended by Act 2019, No. 1019,§ 3, eff. 7/24/2019. Amended by Act 2019, No. 1019,§ 2, eff. 7/24/2019. Added by Act 2017, No. 809,§ 1, eff. 8/1/2017.

(a) The State Highway Commission may develop a Construction Manager-General Contractor Method of Procurement Pilot Program to test the utilization of the construction manager-general contractor method as a cost-effective option for constructing transportation projects.

(b) (1) (A) For the first phase of the program, the commission may select a total of five (5) transportation projects on which to utilize the construction manager-general contractor method. (B) (i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(1)(A) of this section shall not exceed two hundred million dollars ($200,000,000). (ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(1)(A) of this section shall not exceed one hundred million dollars ($100,000,000). (2) (A) For the second phase of the program, beginning on August 1, 2023, the commission may select a total of five (5) additional transportation projects that are not currently in the procurement process on which to utilize the construction manager-general contractor method. (B) (i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(2)(A) of this section shall not exceed five hundred million dollars ($500,000,000). (ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(2)(A) of this section shall not exceed one hundred fifty million dollars ($150,000,000).

(1) (A) For the first phase of the program, the commission may select a total of five (5) transportation projects on which to utilize the construction manager-general contractor method. (B) (i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(1)(A) of this section shall not exceed two hundred million dollars ($200,000,000). (ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(1)(A) of this section shall not exceed one hundred million dollars ($100,000,000).

(A) For the first phase of the program, the commission may select a total of five (5) transportation projects on which to utilize the construction manager-general contractor method.

(B) (i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(1)(A) of this section shall not exceed two hundred million dollars ($200,000,000). (ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(1)(A) of this section shall not exceed one hundred million dollars ($100,000,000).

(i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(1)(A) of this section shall not exceed two hundred million dollars ($200,000,000).

(ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(1)(A) of this section shall not exceed one hundred million dollars ($100,000,000).

(2) (A) For the second phase of the program, beginning on August 1, 2023, the commission may select a total of five (5) additional transportation projects that are not currently in the procurement process on which to utilize the construction manager-general contractor method. (B) (i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(2)(A) of this section shall not exceed five hundred million dollars ($500,000,000). (ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(2)(A) of this section shall not exceed one hundred fifty million dollars ($150,000,000).

(A) For the second phase of the program, beginning on August 1, 2023, the commission may select a total of five (5) additional transportation projects that are not currently in the procurement process on which to utilize the construction manager-general contractor method.

(B) (i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(2)(A) of this section shall not exceed five hundred million dollars ($500,000,000). (ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(2)(A) of this section shall not exceed one hundred fifty million dollars ($150,000,000).

(i) The sum of the construction cost estimates prepared as required under § 19-11-1407 of all five (5) construction manager-general contractor method transportation projects selected under subdivision (b)(2)(A) of this section shall not exceed five hundred million dollars ($500,000,000).

(ii) A construction cost estimate of a construction manager-general contractor method transportation project selected under subdivision (b)(2)(A) of this section shall not exceed one hundred fifty million dollars ($150,000,000).

(c) The Director of State Highways and Transportation shall send written notice identifying the transportation project and the reasons for deciding to apply the construction manager-general contractor method to that specific transportation project to: (1) The Chair of the House Committee on Public Transportation; and (2) The Chair of the Senate Committee on Public Transportation, Technology, and Legislative Affairs.

(1) The Chair of the House Committee on Public Transportation; and

(2) The Chair of the Senate Committee on Public Transportation, Technology, and Legislative Affairs.

(d) The program established under this subchapter shall terminate no later than June 30, 2026.

Amended by Act 2023, No. 823,§ 2, eff. 8/1/2023.

Amended by Act 2023, No. 823,§ 1, eff. 8/1/2023.

Amended by Act 2019, No. 1019,§ 3, eff. 7/24/2019.

Amended by Act 2019, No. 1019,§ 2, eff. 7/24/2019.

Added by Act 2017, No. 809,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 19-5-1236 — AR Code / Title 19 / Chapter 5 / Subchapter 12 / Section 19-5-1236
Technology Acceleration Fund
Status: in_force

(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 miscellaneous fund to be known as the "Technology Acceleration Fund". (b) (1) The Technology Acceleration Fund shall consist of funds transferred to it from the General Improvement Fund or its successor fund or fund accounts, including the Development and Enhancement Fund, or other funds, gifts, bequests, foundation grants and gifts, Governor's Emergency Fund or other emergency funds, federal grants and matching funds, proceeds from bond issues, service charges or fees, interagency transfers of funds, and other funds as may be appropriated by the General Assembly. (2) The Technology Acceleration Fund shall consist of money transferred from the General Revenue Allotment Reserve Fund and any other money provided by law. (c) The Technology Acceleration Fund shall be used by the Arkansas Economic Development Commission and the Arkansas Development Finance Authority for investment incentives to enhance the economy of the state through technology development. (d) Money from the Technology Acceleration Fund may be used in conjunction with other incentives offered by the state to create, attract, or retain business. (e) (1) Any proposed use of the Technology Acceleration Fund by the commission or the authority shall first be approved by the Governor. (2) The commission and the authority shall make a joint recommendation to the Governor for any proposed use of the Technology Acceleration Fund. Amended by Act 2019, No. 82,§ 16, eff. 7/1/2019. Amended by Act 2015EX1, No. 8,§ 109, eff. 7/1/2015. Amended by Act 2015EX1, No. 8,§ 108, eff. 7/1/2015. Amended by Act 2015EX1, No. 7,§ 109, eff. 7/1/2015. Amended by Act 2015EX1, No. 7,§ 108, eff. 7/1/2015. Acts 2009, No. 806, § 1; 2009, No. 967, § 1.

(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 miscellaneous fund to be known as the "Technology Acceleration Fund".

(b) (1) The Technology Acceleration Fund shall consist of funds transferred to it from the General Improvement Fund or its successor fund or fund accounts, including the Development and Enhancement Fund, or other funds, gifts, bequests, foundation grants and gifts, Governor's Emergency Fund or other emergency funds, federal grants and matching funds, proceeds from bond issues, service charges or fees, interagency transfers of funds, and other funds as may be appropriated by the General Assembly. (2) The Technology Acceleration Fund shall consist of money transferred from the General Revenue Allotment Reserve Fund and any other money provided by law.

(1) The Technology Acceleration Fund shall consist of funds transferred to it from the General Improvement Fund or its successor fund or fund accounts, including the Development and Enhancement Fund, or other funds, gifts, bequests, foundation grants and gifts, Governor's Emergency Fund or other emergency funds, federal grants and matching funds, proceeds from bond issues, service charges or fees, interagency transfers of funds, and other funds as may be appropriated by the General Assembly.

(2) The Technology Acceleration Fund shall consist of money transferred from the General Revenue Allotment Reserve Fund and any other money provided by law.

(c) The Technology Acceleration Fund shall be used by the Arkansas Economic Development Commission and the Arkansas Development Finance Authority for investment incentives to enhance the economy of the state through technology development.

(d) Money from the Technology Acceleration Fund may be used in conjunction with other incentives offered by the state to create, attract, or retain business.

(e) (1) Any proposed use of the Technology Acceleration Fund by the commission or the authority shall first be approved by the Governor. (2) The commission and the authority shall make a joint recommendation to the Governor for any proposed use of the Technology Acceleration Fund.

(1) Any proposed use of the Technology Acceleration Fund by the commission or the authority shall first be approved by the Governor.

(2) The commission and the authority shall make a joint recommendation to the Governor for any proposed use of the Technology Acceleration Fund.

Amended by Act 2019, No. 82,§ 16, eff. 7/1/2019.

Amended by Act 2015EX1, No. 8,§ 109, eff. 7/1/2015.

Amended by Act 2015EX1, No. 8,§ 108, eff. 7/1/2015.

Amended by Act 2015EX1, No. 7,§ 109, eff. 7/1/2015.

Amended by Act 2015EX1, No. 7,§ 108, eff. 7/1/2015.

Acts 2009, No. 806, § 1; 2009, No. 967, § 1.
Ark. Code Ann. § 19-5-1007 — AR Code / Title 19 / Chapter 5 / Subchapter 10 / Section 19-5-1007
Special Military Fund
Status: in_force

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Special Military Fund". (b) The Special Military Fund is to consist of federal reimbursement received on account of eligible expenditures by the Department of the Military and shall be used to provide funding wholly or partially for appropriations made payable from the Special Military Fund and to provide supplemental support, to the extent necessary, to the Department of the Military Fund Account of the State General Government Fund, there to be used solely for the programs of the department. Amended by Act 2019, No. 910,§ 5544, eff. 7/1/2019. Acts 1973, No. 750, § 7; A.S.A. 1947, § 13-523; Acts 1993, No. 1073, § 12.

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Special Military Fund".

(b) The Special Military Fund is to consist of federal reimbursement received on account of eligible expenditures by the Department of the Military and shall be used to provide funding wholly or partially for appropriations made payable from the Special Military Fund and to provide supplemental support, to the extent necessary, to the Department of the Military Fund Account of the State General Government Fund, there to be used solely for the programs of the department.

Amended by Act 2019, No. 910,§ 5544, eff. 7/1/2019.

Acts 1973, No. 750, § 7; A.S.A. 1947, § 13-523; Acts 1993, No. 1073, § 12.
Ark. Code Ann. § 19-5-1286 — AR Code / Title 19 / Chapter 5 / Subchapter 12 / Section 19-5-1286
Fire Services Fund
Status: in_force

(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 miscellaneous fund to be known as the "Fire Services Fund". (b) The Fire Services Fund shall consist of: (1) Special revenues collected under § 8-7-802 ; (2) Special revenues from the license fee for fireworks under §§ 20-22-701 - 20-22-715 ; (3) Special revenues from the Fire Protection Premium Tax Fund, § 19-6-468 ; (4) Any other funds authorized or provided by law; and (5) Any remaining fund balances carried forward from year to year. (c) The Fire Services Fund shall be used by the Division of Emergency Management and the Office of Fire Protection Services to provide fire protection services. (d) Moneys remaining in the Fire Services Fund at the end of each fiscal year shall carry forward and be made available for the purposes stated in this section in the next fiscal year. Added by Act 2023, No. 841,§ 24, eff. 7/1/2023.

(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 miscellaneous fund to be known as the "Fire Services Fund".

(b) The Fire Services Fund shall consist of: (1) Special revenues collected under § 8-7-802 ; (2) Special revenues from the license fee for fireworks under §§ 20-22-701 - 20-22-715 ; (3) Special revenues from the Fire Protection Premium Tax Fund, § 19-6-468 ; (4) Any other funds authorized or provided by law; and (5) Any remaining fund balances carried forward from year to year.

(1) Special revenues collected under § 8-7-802 ;

(2) Special revenues from the license fee for fireworks under §§ 20-22-701 - 20-22-715 ;

(3) Special revenues from the Fire Protection Premium Tax Fund, § 19-6-468 ;

(4) Any other funds authorized or provided by law; and

(5) Any remaining fund balances carried forward from year to year.

(c) The Fire Services Fund shall be used by the Division of Emergency Management and the Office of Fire Protection Services to provide fire protection services.

(d) Moneys remaining in the Fire Services Fund at the end of each fiscal year shall carry forward and be made available for the purposes stated in this section in the next fiscal year.

Added by Act 2023, No. 841,§ 24, eff. 7/1/2023.
Ark. Code Ann. § 19-4-1207 — AR Code / Title 19 / Chapter 4 / Subchapter 12 / Section 19-4-1207
Duty to monitor finances
Status: in_force

It shall be the duty and responsibility of the head of the agency for which appropriations are authorized and of the agency's disbursing officer to: (1) Be cognizant at all times of the resources available, including applicable fund balances, revenues, and other income, for financing the appropriations authorized by the General Assembly; (2) See that no obligations shall be incurred which cannot be lawfully discharged from funds appropriated or available from other sources when they become due and payable; and (3) Not operate the agency during any fiscal year from the then-current fiscal year's available resources at a level of operations that would require for the succeeding fiscal year funds in addition to those already authorized by the General Assembly. Acts 1973, No. 876, § 14; A.S.A. 1947, § 13-340; Acts 2001, No. 1453, § 37.

It shall be the duty and responsibility of the head of the agency for which appropriations are authorized and of the agency's disbursing officer to:

(1) Be cognizant at all times of the resources available, including applicable fund balances, revenues, and other income, for financing the appropriations authorized by the General Assembly;

(2) See that no obligations shall be incurred which cannot be lawfully discharged from funds appropriated or available from other sources when they become due and payable; and

(3) Not operate the agency during any fiscal year from the then-current fiscal year's available resources at a level of operations that would require for the succeeding fiscal year funds in addition to those already authorized by the General Assembly.

Acts 1973, No. 876, § 14; A.S.A. 1947, § 13-340; Acts 2001, No. 1453, § 37.
Ark. Code Ann. § 19-11-279 — AR Code / Title 19 / Chapter 11 / Subchapter 2 / Section 19-11-279
Requests for information - Definition
Status: in_force

(a) As used in this section, "request for information" means a procedure for formally requesting information, data, comments, or reactions from prospective bidders or offerors in contemplation of a possible competitive sealed bidding procurement under § 19-11-229 or a competitive sealed proposal procurement under § 19-11-230 . (b) The State Procurement Director, a head of a procurement agency, or a designee of the director or of a head of a procurement agency, may issue or authorize another person to issue a request for information. (c) A request for information under this section shall be published in the same manner and location as an invitation for bids, a request for proposals, or a request for qualifications. (d) A contract shall not be awarded directly from a request for information. (e) Information provided in response to a request for information under this section is exempt from the Freedom of Information Act of 1967, § 25-19-101 et seq., until: (1) The bids for a competitive sealed bidding procurement are opened publicly; (2) The notice of anticipation to award is given for a competitive sealed proposal procurement; or (3) A decision is made not to pursue a procurement based on the request for information. Added by Act 2019, No. 419,§ 12, eff. 7/24/2019.

(a) As used in this section, "request for information" means a procedure for formally requesting information, data, comments, or reactions from prospective bidders or offerors in contemplation of a possible competitive sealed bidding procurement under § 19-11-229 or a competitive sealed proposal procurement under § 19-11-230 .

(b) The State Procurement Director, a head of a procurement agency, or a designee of the director or of a head of a procurement agency, may issue or authorize another person to issue a request for information.

(c) A request for information under this section shall be published in the same manner and location as an invitation for bids, a request for proposals, or a request for qualifications.

(d) A contract shall not be awarded directly from a request for information.

(e) Information provided in response to a request for information under this section is exempt from the Freedom of Information Act of 1967, § 25-19-101 et seq., until: (1) The bids for a competitive sealed bidding procurement are opened publicly; (2) The notice of anticipation to award is given for a competitive sealed proposal procurement; or (3) A decision is made not to pursue a procurement based on the request for information.

(1) The bids for a competitive sealed bidding procurement are opened publicly;

(2) The notice of anticipation to award is given for a competitive sealed proposal procurement; or

(3) A decision is made not to pursue a procurement based on the request for information.

Added by Act 2019, No. 419,§ 12, eff. 7/24/2019.
Ark. Code Ann. § 19-3-518 — AR Code / Title 19 / Chapter 3 / Subchapter 5 / Section 19-3-518
Investments in securities and bank certificates of deposit
Status: in_force

(a) (1) Trust fund accounts in the State Treasury may be invested in: (A) Certificates of deposit of banks and savings and loan associations; and (B) Securities eligible under other law. (2) (A) The administrator of a trust fund account shall review, from time to time, the flow of moneys through the trust fund account in the State Treasury to determine the estimated surplus moneys in the trust fund account that exceed the immediate requirements of the trust fund account. (B) (i) (a) After taking into consideration the amount of the estimated surplus moneys under subdivision (a)(2)(A) of this section, the administrator shall certify to the Treasurer of State the amount of surplus moneys and the period of time during which the surplus moneys are not required. (b) The Treasurer of State shall invest the amount certified in certificates of deposit issued by eligible banks and savings and loan associations. (c) If the Treasurer of State is unable to place the certified amount in certificates of deposit, then the remainder may be placed in securities with the administrator's approval. (ii) (a) Moneys required for a purchase under this subdivision (a)(2)(B) shall be withdrawn from the Cash Account and paid to the bank depository issuing the certificate of deposit or the investment depository selling the securities. (b) (1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account. (2) The principal amount of a security shall be debited to the Trust Investment Account. (iii) The certificates of deposit shall be secured by the Treasurer of State in accordance with the collateralization and investment policies of the State Board of Finance. (iv) (a) Interest on bank certificates of deposit shall be paid at competitive rates according to the investment policy established by the State Board of Finance. (b) All interest income derived from certificates of deposit or securities shall be credited as trust fund income to the trust fund used to purchase a certificate of deposit or security. (3) (A) The Securities Reserve Fund shall be maintained on demand deposit in depository banks. (B) This subsection does not apply to the Securities Reserve Fund. (b) (1) (A) The State Board of Finance may direct that a portion of state funds in the State Treasury be invested in certificates of deposit in the State Treasury Certificate of Deposit Investment Program as provided in § 19-3-519 . (B) The remaining portion of state funds in the State Treasury may be invested in: (i) Certificates of deposit; (ii) Direct obligations of the United States Government; (iii) Obligations of agencies and instrumentalities created and authorized by act of the United States Congress to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government; (iv) Obligations in which the principal and interest are fully guaranteed by: (a) The United States Government; or (b) An agency or an instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the guarantee; (v) Obligations in which the principal and interest are fully secured, insured, or covered by a commitment or agreement to purchase the obligation by: (a) The United States Government; or (b) An agency or instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the commitment or agreement; (vi) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions of the states of the United States; (vii) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes; (viii) Warrants of a political subdivision or municipality of the State of Arkansas having maturities not exceeding one (1) year; (ix) Prerefunded municipal bonds, if the principal and interest of the municipal bonds are fully secured by the principal and interest of a direct obligation of the United States Government; (x) The sale of federal funds with a maturity of not more than one (1) business day; (xi) Demand, savings, or time deposits or accounts of a depository institution chartered by the United States, a state of the United States, or the District of Columbia if funds invested in the demand, savings, or time deposits or accounts are fully insured by a federal deposit insurance agency; (xii) Repurchase agreements that are fully collateralized by securities stated in subdivisions (b)(1)(B)(ii)-(v) of this section if the repurchase agreement provides for taking delivery of the collateral directly or through an authorized custodian; (xiii) A securities or other interest in an open-end type investment company or investment trust registered under the Investment Company Act of 1940 and that is defined as a "money market fund" under 17 C.F.R. § 270.2a-7 if: (a) The portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations; and (b) The investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian; or (xiv) As approved by the guidelines established by the State Treasury investment policy approved by the State Board of Finance, a corporate obligation with an investment grade rating of at least BBB, A2, P2, or an equivalent rating as indicated by at least two (2) nationally recognized statistical rating organizations. (2) (A) (i) Moneys required for a purchase under subdivision (b)(1) of this section shall be withdrawn from the Cash Account and paid to the seller of the securities. (ii) The cost of the securities shall be debited to the Securities Account. (B) The proceeds of the sale or redemption of securities withdrawn from the Securities Account shall be debited in the Cash Account in the State Treasury. (C) (i) For all purchases, sales, and redemptions of securities under this subsection, discounts and premiums shall be credited or charged, as appropriate, to the Securities Reserve Fund. (ii) Discounts and premiums that are increments and all interest received on securities held in the Securities Account shall be classified as trust fund income and credited to the Securities Reserve Fund by the Treasurer of State. (3) (A) All purchases and sales of securities by the Treasurer of State shall be made through securities brokers: (i) Specifically approved by the State Board of Finance; or (ii) Meeting criteria established by the State Board of Finance. (B) All purchases and sales of securities by the Treasurer of State shall be made using a competitive procedure that: (i) Is approved by the State Board of Finance; and (ii) Has the goals of: (a) Obtaining the optimal price and value for the securities; and (b) Not showing preference toward any securities broker. (C) (i) However, the State Board of Finance may subscribe for obligations offered by the United States Department of the Treasury. (ii) An obligation offered by the United States Department of the Treasury held in the State Treasury may be exchanged for another obligation offered by the United States Department of the Treasury if an exchange privilege has been extended by the United States Department of the Treasury. (4) [Repealed.] (5) (A) All or any part of the bonds of local industrial development corporations, authorized and issued under the Arkansas Industrial Development Act, § 15-4-101 et seq., and all or any part of the bonds of municipalities and counties, authorized and issued under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq., at any time held in the Securities Account in the State Treasury, may be sold at public sale or at private sale as the State Board of Finance shall determine. (B) However, in a private sale, the sales price of the bonds or obligations shall not be less than the amount paid for the bonds or obligations. (6) The State Board of Finance shall provide ministerial authority to the Treasurer of State to take whatever action becomes necessary in regard to securities held in the Securities Account to provide the requisite amount of cash necessary in demand deposit accounts to carry out the business of the state or to correct any miscalculations that have arisen. (7) (A) A purchase, exchange, or receipt of an obligation by the State Treasury shall not cancel the obligation purchased, exchanged, or received. (B) The obligation shall be held in trust for the use and benefit of the state fund used to purchase the obligation, subject only to the right of the State Board of Finance to sell or exchange the obligation if the best interest of the state is served. (8) (A) The State Board of Finance shall meet at fiscal quarters to evaluate, discuss, and review the advice of the Chief Fiscal Officer of the State under § 19-3-512 and authorize the deposit and investment of State Treasury funds to be made during the period before the next meeting of the State Board of Finance. (B) The deposit and investment of funds and the purchase and sale of permissible securities may be made at any time it is advantageous to the State Treasury by the Treasurer of State under the guidelines in the State Treasury investment policy established by the State Board of Finance. (9) (A) In order to increase investment income with minimal risk, the Treasurer of State may loan securities held in the Securities Account if, at the time the loan is executed, at least one hundred two percent (102%) of the full market value of the security loaned is collateralized by cash or securities guaranteed by the United States Government or an agency of the United States Government. (B) At all times during the term of the loan, the collateral shall equal or exceed one hundred percent (100%) of the full market value of all securities on loan. (C) For purposes of this subdivision (b)(9), the full market value of the collateral shall be determined on a daily basis. (c) (1) The State Board of Finance may invest federal funds, as described in § 19-7-101 et seq., the same as state funds that are authorized by subsection (b) of this section. (2) The proceeds of investing federal funds shall be used for the same purpose authorized for other moneys accruing to the benefit of the Securities Reserve Fund under § 19-3-521 . (d) (1) The State Board of Finance may invest funds deposited into the State Treasury by state agencies, boards, and commissions that were previously held as cash funds in a bank depository or investment depository to enhance investment opportunities and earnings. (2) The State Board of Finance may invest interest-bearing funds the same as state funds under subsection (b) of this section. (3) The interest earned on investments under this subsection shall be credited under subdivision (d)(4) of this section to the interest-bearing fund. (4) The State Board of Finance shall establish the method of computing the participants' rate of return and earning to determine the distribution to each participant. (5) On the second business day that the State Treasury is open after the twenty-fifth day of the month, the Treasurer of State shall transfer to the participants of the fund interest earned on all State Treasury funds invested as authorized under this section during the preceding month less the proportionate share of any assessments for the expenses of administration. Amended by Act 2019, No. 882,§ 2, eff. 7/24/2019. Amended by Act 2019, No. 882,§ 1, eff. 7/24/2019. Amended by Act 2017, No. 555,§ 2, eff. 7/1/2017. Amended by Act 2017, No. 555,§ 3, eff. 7/1/2017. Amended by Act 2017, No. 426,§ 9, eff. 8/1/2017. Amended by Act 2017, No. 426,§ 8, eff. 8/1/2017. Amended by Act 2017, No. 426,§ 7, eff. 8/1/2017. Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013. Acts 1997, No. 847, § 1; 2001, No. 1453, § 25; 2005, No. 873, § 1; 2009, No. 251, § 6.

(a) (1) Trust fund accounts in the State Treasury may be invested in: (A) Certificates of deposit of banks and savings and loan associations; and (B) Securities eligible under other law. (2) (A) The administrator of a trust fund account shall review, from time to time, the flow of moneys through the trust fund account in the State Treasury to determine the estimated surplus moneys in the trust fund account that exceed the immediate requirements of the trust fund account. (B) (i) (a) After taking into consideration the amount of the estimated surplus moneys under subdivision (a)(2)(A) of this section, the administrator shall certify to the Treasurer of State the amount of surplus moneys and the period of time during which the surplus moneys are not required. (b) The Treasurer of State shall invest the amount certified in certificates of deposit issued by eligible banks and savings and loan associations. (c) If the Treasurer of State is unable to place the certified amount in certificates of deposit, then the remainder may be placed in securities with the administrator's approval. (ii) (a) Moneys required for a purchase under this subdivision (a)(2)(B) shall be withdrawn from the Cash Account and paid to the bank depository issuing the certificate of deposit or the investment depository selling the securities. (b) (1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account. (2) The principal amount of a security shall be debited to the Trust Investment Account. (iii) The certificates of deposit shall be secured by the Treasurer of State in accordance with the collateralization and investment policies of the State Board of Finance. (iv) (a) Interest on bank certificates of deposit shall be paid at competitive rates according to the investment policy established by the State Board of Finance. (b) All interest income derived from certificates of deposit or securities shall be credited as trust fund income to the trust fund used to purchase a certificate of deposit or security. (3) (A) The Securities Reserve Fund shall be maintained on demand deposit in depository banks. (B) This subsection does not apply to the Securities Reserve Fund.

(1) Trust fund accounts in the State Treasury may be invested in: (A) Certificates of deposit of banks and savings and loan associations; and (B) Securities eligible under other law.

(A) Certificates of deposit of banks and savings and loan associations; and

(B) Securities eligible under other law.

(2) (A) The administrator of a trust fund account shall review, from time to time, the flow of moneys through the trust fund account in the State Treasury to determine the estimated surplus moneys in the trust fund account that exceed the immediate requirements of the trust fund account. (B) (i) (a) After taking into consideration the amount of the estimated surplus moneys under subdivision (a)(2)(A) of this section, the administrator shall certify to the Treasurer of State the amount of surplus moneys and the period of time during which the surplus moneys are not required. (b) The Treasurer of State shall invest the amount certified in certificates of deposit issued by eligible banks and savings and loan associations. (c) If the Treasurer of State is unable to place the certified amount in certificates of deposit, then the remainder may be placed in securities with the administrator's approval. (ii) (a) Moneys required for a purchase under this subdivision (a)(2)(B) shall be withdrawn from the Cash Account and paid to the bank depository issuing the certificate of deposit or the investment depository selling the securities. (b) (1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account. (2) The principal amount of a security shall be debited to the Trust Investment Account. (iii) The certificates of deposit shall be secured by the Treasurer of State in accordance with the collateralization and investment policies of the State Board of Finance. (iv) (a) Interest on bank certificates of deposit shall be paid at competitive rates according to the investment policy established by the State Board of Finance. (b) All interest income derived from certificates of deposit or securities shall be credited as trust fund income to the trust fund used to purchase a certificate of deposit or security.

(A) The administrator of a trust fund account shall review, from time to time, the flow of moneys through the trust fund account in the State Treasury to determine the estimated surplus moneys in the trust fund account that exceed the immediate requirements of the trust fund account.

(B) (i) (a) After taking into consideration the amount of the estimated surplus moneys under subdivision (a)(2)(A) of this section, the administrator shall certify to the Treasurer of State the amount of surplus moneys and the period of time during which the surplus moneys are not required. (b) The Treasurer of State shall invest the amount certified in certificates of deposit issued by eligible banks and savings and loan associations. (c) If the Treasurer of State is unable to place the certified amount in certificates of deposit, then the remainder may be placed in securities with the administrator's approval. (ii) (a) Moneys required for a purchase under this subdivision (a)(2)(B) shall be withdrawn from the Cash Account and paid to the bank depository issuing the certificate of deposit or the investment depository selling the securities. (b) (1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account. (2) The principal amount of a security shall be debited to the Trust Investment Account. (iii) The certificates of deposit shall be secured by the Treasurer of State in accordance with the collateralization and investment policies of the State Board of Finance. (iv) (a) Interest on bank certificates of deposit shall be paid at competitive rates according to the investment policy established by the State Board of Finance. (b) All interest income derived from certificates of deposit or securities shall be credited as trust fund income to the trust fund used to purchase a certificate of deposit or security.

(i) (a) After taking into consideration the amount of the estimated surplus moneys under subdivision (a)(2)(A) of this section, the administrator shall certify to the Treasurer of State the amount of surplus moneys and the period of time during which the surplus moneys are not required. (b) The Treasurer of State shall invest the amount certified in certificates of deposit issued by eligible banks and savings and loan associations. (c) If the Treasurer of State is unable to place the certified amount in certificates of deposit, then the remainder may be placed in securities with the administrator's approval.

(a) After taking into consideration the amount of the estimated surplus moneys under subdivision (a)(2)(A) of this section, the administrator shall certify to the Treasurer of State the amount of surplus moneys and the period of time during which the surplus moneys are not required.

(b) The Treasurer of State shall invest the amount certified in certificates of deposit issued by eligible banks and savings and loan associations.

(c) If the Treasurer of State is unable to place the certified amount in certificates of deposit, then the remainder may be placed in securities with the administrator's approval.

(ii) (a) Moneys required for a purchase under this subdivision (a)(2)(B) shall be withdrawn from the Cash Account and paid to the bank depository issuing the certificate of deposit or the investment depository selling the securities. (b) (1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account. (2) The principal amount of a security shall be debited to the Trust Investment Account.

(a) Moneys required for a purchase under this subdivision (a)(2)(B) shall be withdrawn from the Cash Account and paid to the bank depository issuing the certificate of deposit or the investment depository selling the securities.

(b) (1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account. (2) The principal amount of a security shall be debited to the Trust Investment Account.

(1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account.

(2) The principal amount of a security shall be debited to the Trust Investment Account.

(iii) The certificates of deposit shall be secured by the Treasurer of State in accordance with the collateralization and investment policies of the State Board of Finance.

(iv) (a) Interest on bank certificates of deposit shall be paid at competitive rates according to the investment policy established by the State Board of Finance. (b) All interest income derived from certificates of deposit or securities shall be credited as trust fund income to the trust fund used to purchase a certificate of deposit or security.

(a) Interest on bank certificates of deposit shall be paid at competitive rates according to the investment policy established by the State Board of Finance.

(b) All interest income derived from certificates of deposit or securities shall be credited as trust fund income to the trust fund used to purchase a certificate of deposit or security.

(3) (A) The Securities Reserve Fund shall be maintained on demand deposit in depository banks. (B) This subsection does not apply to the Securities Reserve Fund.

(A) The Securities Reserve Fund shall be maintained on demand deposit in depository banks.

(B) This subsection does not apply to the Securities Reserve Fund.

(b) (1) (A) The State Board of Finance may direct that a portion of state funds in the State Treasury be invested in certificates of deposit in the State Treasury Certificate of Deposit Investment Program as provided in § 19-3-519 . (B) The remaining portion of state funds in the State Treasury may be invested in: (i) Certificates of deposit; (ii) Direct obligations of the United States Government; (iii) Obligations of agencies and instrumentalities created and authorized by act of the United States Congress to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government; (iv) Obligations in which the principal and interest are fully guaranteed by: (a) The United States Government; or (b) An agency or an instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the guarantee; (v) Obligations in which the principal and interest are fully secured, insured, or covered by a commitment or agreement to purchase the obligation by: (a) The United States Government; or (b) An agency or instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the commitment or agreement; (vi) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions of the states of the United States; (vii) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes; (viii) Warrants of a political subdivision or municipality of the State of Arkansas having maturities not exceeding one (1) year; (ix) Prerefunded municipal bonds, if the principal and interest of the municipal bonds are fully secured by the principal and interest of a direct obligation of the United States Government; (x) The sale of federal funds with a maturity of not more than one (1) business day; (xi) Demand, savings, or time deposits or accounts of a depository institution chartered by the United States, a state of the United States, or the District of Columbia if funds invested in the demand, savings, or time deposits or accounts are fully insured by a federal deposit insurance agency; (xii) Repurchase agreements that are fully collateralized by securities stated in subdivisions (b)(1)(B)(ii)-(v) of this section if the repurchase agreement provides for taking delivery of the collateral directly or through an authorized custodian; (xiii) A securities or other interest in an open-end type investment company or investment trust registered under the Investment Company Act of 1940 and that is defined as a "money market fund" under 17 C.F.R. § 270.2a-7 if: (a) The portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations; and (b) The investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian; or (xiv) As approved by the guidelines established by the State Treasury investment policy approved by the State Board of Finance, a corporate obligation with an investment grade rating of at least BBB, A2, P2, or an equivalent rating as indicated by at least two (2) nationally recognized statistical rating organizations. (2) (A) (i) Moneys required for a purchase under subdivision (b)(1) of this section shall be withdrawn from the Cash Account and paid to the seller of the securities. (ii) The cost of the securities shall be debited to the Securities Account. (B) The proceeds of the sale or redemption of securities withdrawn from the Securities Account shall be debited in the Cash Account in the State Treasury. (C) (i) For all purchases, sales, and redemptions of securities under this subsection, discounts and premiums shall be credited or charged, as appropriate, to the Securities Reserve Fund. (ii) Discounts and premiums that are increments and all interest received on securities held in the Securities Account shall be classified as trust fund income and credited to the Securities Reserve Fund by the Treasurer of State. (3) (A) All purchases and sales of securities by the Treasurer of State shall be made through securities brokers: (i) Specifically approved by the State Board of Finance; or (ii) Meeting criteria established by the State Board of Finance. (B) All purchases and sales of securities by the Treasurer of State shall be made using a competitive procedure that: (i) Is approved by the State Board of Finance; and (ii) Has the goals of: (a) Obtaining the optimal price and value for the securities; and (b) Not showing preference toward any securities broker. (C) (i) However, the State Board of Finance may subscribe for obligations offered by the United States Department of the Treasury. (ii) An obligation offered by the United States Department of the Treasury held in the State Treasury may be exchanged for another obligation offered by the United States Department of the Treasury if an exchange privilege has been extended by the United States Department of the Treasury. (4) [Repealed.] (5) (A) All or any part of the bonds of local industrial development corporations, authorized and issued under the Arkansas Industrial Development Act, § 15-4-101 et seq., and all or any part of the bonds of municipalities and counties, authorized and issued under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq., at any time held in the Securities Account in the State Treasury, may be sold at public sale or at private sale as the State Board of Finance shall determine. (B) However, in a private sale, the sales price of the bonds or obligations shall not be less than the amount paid for the bonds or obligations. (6) The State Board of Finance shall provide ministerial authority to the Treasurer of State to take whatever action becomes necessary in regard to securities held in the Securities Account to provide the requisite amount of cash necessary in demand deposit accounts to carry out the business of the state or to correct any miscalculations that have arisen. (7) (A) A purchase, exchange, or receipt of an obligation by the State Treasury shall not cancel the obligation purchased, exchanged, or received. (B) The obligation shall be held in trust for the use and benefit of the state fund used to purchase the obligation, subject only to the right of the State Board of Finance to sell or exchange the obligation if the best interest of the state is served. (8) (A) The State Board of Finance shall meet at fiscal quarters to evaluate, discuss, and review the advice of the Chief Fiscal Officer of the State under § 19-3-512 and authorize the deposit and investment of State Treasury funds to be made during the period before the next meeting of the State Board of Finance. (B) The deposit and investment of funds and the purchase and sale of permissible securities may be made at any time it is advantageous to the State Treasury by the Treasurer of State under the guidelines in the State Treasury investment policy established by the State Board of Finance. (9) (A) In order to increase investment income with minimal risk, the Treasurer of State may loan securities held in the Securities Account if, at the time the loan is executed, at least one hundred two percent (102%) of the full market value of the security loaned is collateralized by cash or securities guaranteed by the United States Government or an agency of the United States Government. (B) At all times during the term of the loan, the collateral shall equal or exceed one hundred percent (100%) of the full market value of all securities on loan. (C) For purposes of this subdivision (b)(9), the full market value of the collateral shall be determined on a daily basis.

(1) (A) The State Board of Finance may direct that a portion of state funds in the State Treasury be invested in certificates of deposit in the State Treasury Certificate of Deposit Investment Program as provided in § 19-3-519 . (B) The remaining portion of state funds in the State Treasury may be invested in: (i) Certificates of deposit; (ii) Direct obligations of the United States Government; (iii) Obligations of agencies and instrumentalities created and authorized by act of the United States Congress to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government; (iv) Obligations in which the principal and interest are fully guaranteed by: (a) The United States Government; or (b) An agency or an instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the guarantee; (v) Obligations in which the principal and interest are fully secured, insured, or covered by a commitment or agreement to purchase the obligation by: (a) The United States Government; or (b) An agency or instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the commitment or agreement; (vi) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions of the states of the United States; (vii) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes; (viii) Warrants of a political subdivision or municipality of the State of Arkansas having maturities not exceeding one (1) year; (ix) Prerefunded municipal bonds, if the principal and interest of the municipal bonds are fully secured by the principal and interest of a direct obligation of the United States Government; (x) The sale of federal funds with a maturity of not more than one (1) business day; (xi) Demand, savings, or time deposits or accounts of a depository institution chartered by the United States, a state of the United States, or the District of Columbia if funds invested in the demand, savings, or time deposits or accounts are fully insured by a federal deposit insurance agency; (xii) Repurchase agreements that are fully collateralized by securities stated in subdivisions (b)(1)(B)(ii)-(v) of this section if the repurchase agreement provides for taking delivery of the collateral directly or through an authorized custodian; (xiii) A securities or other interest in an open-end type investment company or investment trust registered under the Investment Company Act of 1940 and that is defined as a "money market fund" under 17 C.F.R. § 270.2a-7 if: (a) The portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations; and (b) The investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian; or (xiv) As approved by the guidelines established by the State Treasury investment policy approved by the State Board of Finance, a corporate obligation with an investment grade rating of at least BBB, A2, P2, or an equivalent rating as indicated by at least two (2) nationally recognized statistical rating organizations.

(A) The State Board of Finance may direct that a portion of state funds in the State Treasury be invested in certificates of deposit in the State Treasury Certificate of Deposit Investment Program as provided in § 19-3-519 .

(B) The remaining portion of state funds in the State Treasury may be invested in: (i) Certificates of deposit; (ii) Direct obligations of the United States Government; (iii) Obligations of agencies and instrumentalities created and authorized by act of the United States Congress to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government; (iv) Obligations in which the principal and interest are fully guaranteed by: (a) The United States Government; or (b) An agency or an instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the guarantee; (v) Obligations in which the principal and interest are fully secured, insured, or covered by a commitment or agreement to purchase the obligation by: (a) The United States Government; or (b) An agency or instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the commitment or agreement; (vi) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions of the states of the United States; (vii) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes; (viii) Warrants of a political subdivision or municipality of the State of Arkansas having maturities not exceeding one (1) year; (ix) Prerefunded municipal bonds, if the principal and interest of the municipal bonds are fully secured by the principal and interest of a direct obligation of the United States Government; (x) The sale of federal funds with a maturity of not more than one (1) business day; (xi) Demand, savings, or time deposits or accounts of a depository institution chartered by the United States, a state of the United States, or the District of Columbia if funds invested in the demand, savings, or time deposits or accounts are fully insured by a federal deposit insurance agency; (xii) Repurchase agreements that are fully collateralized by securities stated in subdivisions (b)(1)(B)(ii)-(v) of this section if the repurchase agreement provides for taking delivery of the collateral directly or through an authorized custodian; (xiii) A securities or other interest in an open-end type investment company or investment trust registered under the Investment Company Act of 1940 and that is defined as a "money market fund" under 17 C.F.R. § 270.2a-7 if: (a) The portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations; and (b) The investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian; or (xiv) As approved by the guidelines established by the State Treasury investment policy approved by the State Board of Finance, a corporate obligation with an investment grade rating of at least BBB, A2, P2, or an equivalent rating as indicated by at least two (2) nationally recognized statistical rating organizations.

(i) Certificates of deposit;

(ii) Direct obligations of the United States Government;

(iii) Obligations of agencies and instrumentalities created and authorized by act of the United States Congress to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government;

(iv) Obligations in which the principal and interest are fully guaranteed by: (a) The United States Government; or (b) An agency or an instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the guarantee;

(a) The United States Government; or

(b) An agency or an instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the guarantee;

(v) Obligations in which the principal and interest are fully secured, insured, or covered by a commitment or agreement to purchase the obligation by: (a) The United States Government; or (b) An agency or instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the commitment or agreement;

(a) The United States Government; or

(b) An agency or instrumentality created by an act of the United States Congress and authorized by the United States Congress to issue the commitment or agreement;

(vi) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions of the states of the United States;

(vii) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes;

(viii) Warrants of a political subdivision or municipality of the State of Arkansas having maturities not exceeding one (1) year;

(ix) Prerefunded municipal bonds, if the principal and interest of the municipal bonds are fully secured by the principal and interest of a direct obligation of the United States Government;

(x) The sale of federal funds with a maturity of not more than one (1) business day;

(xi) Demand, savings, or time deposits or accounts of a depository institution chartered by the United States, a state of the United States, or the District of Columbia if funds invested in the demand, savings, or time deposits or accounts are fully insured by a federal deposit insurance agency;

(xii) Repurchase agreements that are fully collateralized by securities stated in subdivisions (b)(1)(B)(ii)-(v) of this section if the repurchase agreement provides for taking delivery of the collateral directly or through an authorized custodian;

(xiii) A securities or other interest in an open-end type investment company or investment trust registered under the Investment Company Act of 1940 and that is defined as a "money market fund" under 17 C.F.R. § 270.2a-7 if: (a) The portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations; and (b) The investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian; or

(a) The portfolio of the investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations; and

(b) The investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian; or

(xiv) As approved by the guidelines established by the State Treasury investment policy approved by the State Board of Finance, a corporate obligation with an investment grade rating of at least BBB, A2, P2, or an equivalent rating as indicated by at least two (2) nationally recognized statistical rating organizations.

(2) (A) (i) Moneys required for a purchase under subdivision (b)(1) of this section shall be withdrawn from the Cash Account and paid to the seller of the securities. (ii) The cost of the securities shall be debited to the Securities Account. (B) The proceeds of the sale or redemption of securities withdrawn from the Securities Account shall be debited in the Cash Account in the State Treasury. (C) (i) For all purchases, sales, and redemptions of securities under this subsection, discounts and premiums shall be credited or charged, as appropriate, to the Securities Reserve Fund. (ii) Discounts and premiums that are increments and all interest received on securities held in the Securities Account shall be classified as trust fund income and credited to the Securities Reserve Fund by the Treasurer of State.

(A) (i) Moneys required for a purchase under subdivision (b)(1) of this section shall be withdrawn from the Cash Account and paid to the seller of the securities. (ii) The cost of the securities shall be debited to the Securities Account.

(i) Moneys required for a purchase under subdivision (b)(1) of this section shall be withdrawn from the Cash Account and paid to the seller of the securities.

(ii) The cost of the securities shall be debited to the Securities Account.

(B) The proceeds of the sale or redemption of securities withdrawn from the Securities Account shall be debited in the Cash Account in the State Treasury.

(C) (i) For all purchases, sales, and redemptions of securities under this subsection, discounts and premiums shall be credited or charged, as appropriate, to the Securities Reserve Fund. (ii) Discounts and premiums that are increments and all interest received on securities held in the Securities Account shall be classified as trust fund income and credited to the Securities Reserve Fund by the Treasurer of State.

(i) For all purchases, sales, and redemptions of securities under this subsection, discounts and premiums shall be credited or charged, as appropriate, to the Securities Reserve Fund.

(ii) Discounts and premiums that are increments and all interest received on securities held in the Securities Account shall be classified as trust fund income and credited to the Securities Reserve Fund by the Treasurer of State.

(3) (A) All purchases and sales of securities by the Treasurer of State shall be made through securities brokers: (i) Specifically approved by the State Board of Finance; or (ii) Meeting criteria established by the State Board of Finance. (B) All purchases and sales of securities by the Treasurer of State shall be made using a competitive procedure that: (i) Is approved by the State Board of Finance; and (ii) Has the goals of: (a) Obtaining the optimal price and value for the securities; and (b) Not showing preference toward any securities broker. (C) (i) However, the State Board of Finance may subscribe for obligations offered by the United States Department of the Treasury. (ii) An obligation offered by the United States Department of the Treasury held in the State Treasury may be exchanged for another obligation offered by the United States Department of the Treasury if an exchange privilege has been extended by the United States Department of the Treasury.

(A) All purchases and sales of securities by the Treasurer of State shall be made through securities brokers: (i) Specifically approved by the State Board of Finance; or (ii) Meeting criteria established by the State Board of Finance.

(i) Specifically approved by the State Board of Finance; or

(ii) Meeting criteria established by the State Board of Finance.

(B) All purchases and sales of securities by the Treasurer of State shall be made using a competitive procedure that: (i) Is approved by the State Board of Finance; and (ii) Has the goals of: (a) Obtaining the optimal price and value for the securities; and (b) Not showing preference toward any securities broker.

(i) Is approved by the State Board of Finance; and

(ii) Has the goals of: (a) Obtaining the optimal price and value for the securities; and (b) Not showing preference toward any securities broker.

(a) Obtaining the optimal price and value for the securities; and

(b) Not showing preference toward any securities broker.

(C) (i) However, the State Board of Finance may subscribe for obligations offered by the United States Department of the Treasury. (ii) An obligation offered by the United States Department of the Treasury held in the State Treasury may be exchanged for another obligation offered by the United States Department of the Treasury if an exchange privilege has been extended by the United States Department of the Treasury.

(i) However, the State Board of Finance may subscribe for obligations offered by the United States Department of the Treasury.

(ii) An obligation offered by the United States Department of the Treasury held in the State Treasury may be exchanged for another obligation offered by the United States Department of the Treasury if an exchange privilege has been extended by the United States Department of the Treasury.

(4) [Repealed.]

(5) (A) All or any part of the bonds of local industrial development corporations, authorized and issued under the Arkansas Industrial Development Act, § 15-4-101 et seq., and all or any part of the bonds of municipalities and counties, authorized and issued under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq., at any time held in the Securities Account in the State Treasury, may be sold at public sale or at private sale as the State Board of Finance shall determine. (B) However, in a private sale, the sales price of the bonds or obligations shall not be less than the amount paid for the bonds or obligations.

(A) All or any part of the bonds of local industrial development corporations, authorized and issued under the Arkansas Industrial Development Act, § 15-4-101 et seq., and all or any part of the bonds of municipalities and counties, authorized and issued under the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq., at any time held in the Securities Account in the State Treasury, may be sold at public sale or at private sale as the State Board of Finance shall determine.

(B) However, in a private sale, the sales price of the bonds or obligations shall not be less than the amount paid for the bonds or obligations.

(6) The State Board of Finance shall provide ministerial authority to the Treasurer of State to take whatever action becomes necessary in regard to securities held in the Securities Account to provide the requisite amount of cash necessary in demand deposit accounts to carry out the business of the state or to correct any miscalculations that have arisen.

(7) (A) A purchase, exchange, or receipt of an obligation by the State Treasury shall not cancel the obligation purchased, exchanged, or received. (B) The obligation shall be held in trust for the use and benefit of the state fund used to purchase the obligation, subject only to the right of the State Board of Finance to sell or exchange the obligation if the best interest of the state is served.

(A) A purchase, exchange, or receipt of an obligation by the State Treasury shall not cancel the obligation purchased, exchanged, or received.

(B) The obligation shall be held in trust for the use and benefit of the state fund used to purchase the obligation, subject only to the right of the State Board of Finance to sell or exchange the obligation if the best interest of the state is served.

(8) (A) The State Board of Finance shall meet at fiscal quarters to evaluate, discuss, and review the advice of the Chief Fiscal Officer of the State under § 19-3-512 and authorize the deposit and investment of State Treasury funds to be made during the period before the next meeting of the State Board of Finance. (B) The deposit and investment of funds and the purchase and sale of permissible securities may be made at any time it is advantageous to the State Treasury by the Treasurer of State under the guidelines in the State Treasury investment policy established by the State Board of Finance.

(A) The State Board of Finance shall meet at fiscal quarters to evaluate, discuss, and review the advice of the Chief Fiscal Officer of the State under § 19-3-512 and authorize the deposit and investment of State Treasury funds to be made during the period before the next meeting of the State Board of Finance.

(B) The deposit and investment of funds and the purchase and sale of permissible securities may be made at any time it is advantageous to the State Treasury by the Treasurer of State under the guidelines in the State Treasury investment policy established by the State Board of Finance.

(9) (A) In order to increase investment income with minimal risk, the Treasurer of State may loan securities held in the Securities Account if, at the time the loan is executed, at least one hundred two percent (102%) of the full market value of the security loaned is collateralized by cash or securities guaranteed by the United States Government or an agency of the United States Government. (B) At all times during the term of the loan, the collateral shall equal or exceed one hundred percent (100%) of the full market value of all securities on loan. (C) For purposes of this subdivision (b)(9), the full market value of the collateral shall be determined on a daily basis.

(A) In order to increase investment income with minimal risk, the Treasurer of State may loan securities held in the Securities Account if, at the time the loan is executed, at least one hundred two percent (102%) of the full market value of the security loaned is collateralized by cash or securities guaranteed by the United States Government or an agency of the United States Government.

(B) At all times during the term of the loan, the collateral shall equal or exceed one hundred percent (100%) of the full market value of all securities on loan.

(C) For purposes of this subdivision (b)(9), the full market value of the collateral shall be determined on a daily basis.

(c) (1) The State Board of Finance may invest federal funds, as described in § 19-7-101 et seq., the same as state funds that are authorized by subsection (b) of this section. (2) The proceeds of investing federal funds shall be used for the same purpose authorized for other moneys accruing to the benefit of the Securities Reserve Fund under § 19-3-521 .

(1) The State Board of Finance may invest federal funds, as described in § 19-7-101 et seq., the same as state funds that are authorized by subsection (b) of this section.

(2) The proceeds of investing federal funds shall be used for the same purpose authorized for other moneys accruing to the benefit of the Securities Reserve Fund under § 19-3-521 .

(d) (1) The State Board of Finance may invest funds deposited into the State Treasury by state agencies, boards, and commissions that were previously held as cash funds in a bank depository or investment depository to enhance investment opportunities and earnings. (2) The State Board of Finance may invest interest-bearing funds the same as state funds under subsection (b) of this section. (3) The interest earned on investments under this subsection shall be credited under subdivision (d)(4) of this section to the interest-bearing fund. (4) The State Board of Finance shall establish the method of computing the participants' rate of return and earning to determine the distribution to each participant. (5) On the second business day that the State Treasury is open after the twenty-fifth day of the month, the Treasurer of State shall transfer to the participants of the fund interest earned on all State Treasury funds invested as authorized under this section during the preceding month less the proportionate share of any assessments for the expenses of administration.

(1) The State Board of Finance may invest funds deposited into the State Treasury by state agencies, boards, and commissions that were previously held as cash funds in a bank depository or investment depository to enhance investment opportunities and earnings.

(2) The State Board of Finance may invest interest-bearing funds the same as state funds under subsection (b) of this section.

(3) The interest earned on investments under this subsection shall be credited under subdivision (d)(4) of this section to the interest-bearing fund.

(4) The State Board of Finance shall establish the method of computing the participants' rate of return and earning to determine the distribution to each participant.

(5) On the second business day that the State Treasury is open after the twenty-fifth day of the month, the Treasurer of State shall transfer to the participants of the fund interest earned on all State Treasury funds invested as authorized under this section during the preceding month less the proportionate share of any assessments for the expenses of administration.

Amended by Act 2019, No. 882,§ 2, eff. 7/24/2019.

Amended by Act 2019, No. 882,§ 1, eff. 7/24/2019.

Amended by Act 2017, No. 555,§ 2, eff. 7/1/2017.

Amended by Act 2017, No. 555,§ 3, eff. 7/1/2017.

Amended by Act 2017, No. 426,§ 9, eff. 8/1/2017.

Amended by Act 2017, No. 426,§ 8, eff. 8/1/2017.

Amended by Act 2017, No. 426,§ 7, eff. 8/1/2017.

Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.

Acts 1997, No. 847, § 1; 2001, No. 1453, § 25; 2005, No. 873, § 1; 2009, No. 251, § 6.
Ark. Code Ann. § 19-2-204 — AR Code / Title 19 / Chapter 2 / Subchapter 2 / Section 19-2-204
Refusal to accept personal checks
Status: in_force

Effective January 1, 2000, no state agency, board, commission, or institution may refuse to accept personal checks unless and until it has filed with the Legislative Council a written statement justifying the agency's policy to not accept personal checks. Acts 1999, No. 515, § 1.

Effective January 1, 2000, no state agency, board, commission, or institution may refuse to accept personal checks unless and until it has filed with the Legislative Council a written statement justifying the agency's policy to not accept personal checks.

Acts 1999, No. 515, § 1.
Ark. Code Ann. § 19-4-1906 — AR Code / Title 19 / Chapter 4 / Subchapter 19 / Section 19-4-1906
Letters of credit - Definitions
Status: in_force

(a) As used in this subchapter, unless the context otherwise requires: (1) "Checks-paid letter of credit" means a system which requires state warrants to be issued without federal moneys on deposit in the State Treasury. The federal share of the warrants would only become available to the Treasurer of State on the day the warrants are presented for redemption. A receipt would be processed and credited to the proper fund before the warrants are redeemed; (2) "Delay-of-drawdown letter of credit" means a system which requires the Auditor of State to issue warrants without federal moneys on deposit in the State Treasury for specific programs primarily financed by federal moneys. Moneys are drawn upon the letter of credit and deposited with the Treasurer of State based on an agreement with the United States Government establishing warrant redemption patterns. Deposits are made each day based on estimates of the amount of warrants to be redeemed each day. In the event that warrants are presented for redemption on a given day in excess of the amount deposited into the State Treasury, an additional amount of moneys may be requested on a letter of credit and deposited with the Treasurer of State to enable proper warrant redemption and to prevent deficit spending; and (3) "Federal letter of credit" means an instrument certified by an authorized official of a grantor agency which authorizes a grantee to draw funds needed for immediate disbursement in accordance with the provisions of Treasury Circular 1075. (b) (1) Upon approval of the Chief Fiscal Officer of the State and under procedures prescribed by the Chief Fiscal Officer of the State, letters of credit, either individually or under a single, unified, checks-paid, or delay-of-drawdown system may be included and accounted for on the books of record of the Auditor of State, Chief Fiscal Officer of the State, and applicable state agency as deferred federal revenues to be treated as an asset comparable to "cash on hand". In connection therewith, the Chief Fiscal Officer of the State may direct the creation and establishment of a revolving paying account on the books of records of the applicable state's accounting records. Furthermore, upon implementation of a checks-paid or delay-of-drawdown system, the affected agency may issue vouchers, the Department of Finance and Administration may approve vouchers for payment, and the Auditor of State may issue warrants for federal programs without regard to federal fund or paying account balances on deposit in the State Treasury. (2) (A) In no event shall the Treasurer of State redeem any warrants without sufficient fund balances on deposit equal to the total amount of warrants presented for redemption. (B) In no event shall the implementation of a checks-paid or delay-of-drawdown letter of credit system be construed as deficit spending. (C) The Chief Fiscal Officer of the State, after consulting with the Auditor of State and the Treasurer of State, may prescribe such rules as necessary to implement a checks-paid or delay-of-drawdown letter of credit system. (3) No agency shall implement a checks-paid or delay-of-drawdown letter of credit system except upon approval of the Chief Fiscal Officer of the State and upon advice of the Legislative Council. Amended by Act 2019, No. 315,§ 1737, eff. 7/24/2019. Acts 1973, No. 876, § 21; 1981, No. 572, § 1; A.S.A. 1947, § 13-347.

(a) As used in this subchapter, unless the context otherwise requires: (1) "Checks-paid letter of credit" means a system which requires state warrants to be issued without federal moneys on deposit in the State Treasury. The federal share of the warrants would only become available to the Treasurer of State on the day the warrants are presented for redemption. A receipt would be processed and credited to the proper fund before the warrants are redeemed; (2) "Delay-of-drawdown letter of credit" means a system which requires the Auditor of State to issue warrants without federal moneys on deposit in the State Treasury for specific programs primarily financed by federal moneys. Moneys are drawn upon the letter of credit and deposited with the Treasurer of State based on an agreement with the United States Government establishing warrant redemption patterns. Deposits are made each day based on estimates of the amount of warrants to be redeemed each day. In the event that warrants are presented for redemption on a given day in excess of the amount deposited into the State Treasury, an additional amount of moneys may be requested on a letter of credit and deposited with the Treasurer of State to enable proper warrant redemption and to prevent deficit spending; and (3) "Federal letter of credit" means an instrument certified by an authorized official of a grantor agency which authorizes a grantee to draw funds needed for immediate disbursement in accordance with the provisions of Treasury Circular 1075.

(1) "Checks-paid letter of credit" means a system which requires state warrants to be issued without federal moneys on deposit in the State Treasury. The federal share of the warrants would only become available to the Treasurer of State on the day the warrants are presented for redemption. A receipt would be processed and credited to the proper fund before the warrants are redeemed;

(2) "Delay-of-drawdown letter of credit" means a system which requires the Auditor of State to issue warrants without federal moneys on deposit in the State Treasury for specific programs primarily financed by federal moneys. Moneys are drawn upon the letter of credit and deposited with the Treasurer of State based on an agreement with the United States Government establishing warrant redemption patterns. Deposits are made each day based on estimates of the amount of warrants to be redeemed each day. In the event that warrants are presented for redemption on a given day in excess of the amount deposited into the State Treasury, an additional amount of moneys may be requested on a letter of credit and deposited with the Treasurer of State to enable proper warrant redemption and to prevent deficit spending; and

(3) "Federal letter of credit" means an instrument certified by an authorized official of a grantor agency which authorizes a grantee to draw funds needed for immediate disbursement in accordance with the provisions of Treasury Circular 1075.

(b) (1) Upon approval of the Chief Fiscal Officer of the State and under procedures prescribed by the Chief Fiscal Officer of the State, letters of credit, either individually or under a single, unified, checks-paid, or delay-of-drawdown system may be included and accounted for on the books of record of the Auditor of State, Chief Fiscal Officer of the State, and applicable state agency as deferred federal revenues to be treated as an asset comparable to "cash on hand". In connection therewith, the Chief Fiscal Officer of the State may direct the creation and establishment of a revolving paying account on the books of records of the applicable state's accounting records. Furthermore, upon implementation of a checks-paid or delay-of-drawdown system, the affected agency may issue vouchers, the Department of Finance and Administration may approve vouchers for payment, and the Auditor of State may issue warrants for federal programs without regard to federal fund or paying account balances on deposit in the State Treasury. (2) (A) In no event shall the Treasurer of State redeem any warrants without sufficient fund balances on deposit equal to the total amount of warrants presented for redemption. (B) In no event shall the implementation of a checks-paid or delay-of-drawdown letter of credit system be construed as deficit spending. (C) The Chief Fiscal Officer of the State, after consulting with the Auditor of State and the Treasurer of State, may prescribe such rules as necessary to implement a checks-paid or delay-of-drawdown letter of credit system. (3) No agency shall implement a checks-paid or delay-of-drawdown letter of credit system except upon approval of the Chief Fiscal Officer of the State and upon advice of the Legislative Council.

(1) Upon approval of the Chief Fiscal Officer of the State and under procedures prescribed by the Chief Fiscal Officer of the State, letters of credit, either individually or under a single, unified, checks-paid, or delay-of-drawdown system may be included and accounted for on the books of record of the Auditor of State, Chief Fiscal Officer of the State, and applicable state agency as deferred federal revenues to be treated as an asset comparable to "cash on hand". In connection therewith, the Chief Fiscal Officer of the State may direct the creation and establishment of a revolving paying account on the books of records of the applicable state's accounting records. Furthermore, upon implementation of a checks-paid or delay-of-drawdown system, the affected agency may issue vouchers, the Department of Finance and Administration may approve vouchers for payment, and the Auditor of State may issue warrants for federal programs without regard to federal fund or paying account balances on deposit in the State Treasury.

(2) (A) In no event shall the Treasurer of State redeem any warrants without sufficient fund balances on deposit equal to the total amount of warrants presented for redemption. (B) In no event shall the implementation of a checks-paid or delay-of-drawdown letter of credit system be construed as deficit spending. (C) The Chief Fiscal Officer of the State, after consulting with the Auditor of State and the Treasurer of State, may prescribe such rules as necessary to implement a checks-paid or delay-of-drawdown letter of credit system.

(A) In no event shall the Treasurer of State redeem any warrants without sufficient fund balances on deposit equal to the total amount of warrants presented for redemption.

(B) In no event shall the implementation of a checks-paid or delay-of-drawdown letter of credit system be construed as deficit spending.

(C) The Chief Fiscal Officer of the State, after consulting with the Auditor of State and the Treasurer of State, may prescribe such rules as necessary to implement a checks-paid or delay-of-drawdown letter of credit system.

(3) No agency shall implement a checks-paid or delay-of-drawdown letter of credit system except upon approval of the Chief Fiscal Officer of the State and upon advice of the Legislative Council.

Amended by Act 2019, No. 315,§ 1737, eff. 7/24/2019.

Acts 1973, No. 876, § 21; 1981, No. 572, § 1; A.S.A. 1947, § 13-347.
Ark. Code Ann. § 19-5-947 — AR Code / Title 19 / Chapter 5 / Subchapter 9 / Section 19-5-947
County Treasurers' Continuing Education Fund
Status: in_force

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "County Treasurers' Continuing Education Fund". (b) The County Treasurers' Continuing Education Fund shall consist of fees from the office of county treasurer, as appropriated by the quorum court of each county and any moneys transferred from the County Aid Fund, there to be used exclusively for the establishment and operation of a continuing education program for county treasurers and payment of expenses for attending the program, all as provided in § 14-15-811 . Acts 1989, No. 629, § 11.

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "County Treasurers' Continuing Education Fund".

(b) The County Treasurers' Continuing Education Fund shall consist of fees from the office of county treasurer, as appropriated by the quorum court of each county and any moneys transferred from the County Aid Fund, there to be used exclusively for the establishment and operation of a continuing education program for county treasurers and payment of expenses for attending the program, all as provided in § 14-15-811 .

Acts 1989, No. 629, § 11.
Ark. Code Ann. § 19-11-265 — AR Code / Title 19 / Chapter 11 / Subchapter 2 / Section 19-11-265
Submission of contracts required - Definition
Status: in_force

(a) (1) Except for critical emergency procurements and as otherwise provided in this section, a contract requiring the services of one (1) or more persons shall be presented to the Legislative Council or, if the General Assembly is in session, to the Joint Budget Committee, if the annual contract amount is at least fifty thousand dollars ($50,000) in any one (1) contract year or if the total projected contract amount, including any amendments or possible extensions, is at least three hundred fifty thousand dollars ($350,000). (2) The Legislative Council or the Joint Budget Committee shall provide the State Procurement Director with its review as to the propriety of the contract within thirty (30) days after receipt of the proposed contract. (3) The contract shall not be submitted to the Legislative Council or to the Joint Budget Committee until the Office of State Procurement has reviewed the contract and provided the Legislative Council or the Joint Budget Committee with a recommendation regarding the legality of the contract. (4) (A) (i) A contract that does not have a material change upon renewal or extension shall be included in the monthly report required under § 19-11-274 instead of being submitted to the Legislative Council or the Joint Budget Committee for review under this subsection. (ii) As used in this subdivision (a)(4), "material change" includes without limitation: (a) An increase in the contract amount; (b) An increase in the total projected contract amount; (c) A change in any of the essential terms of the contract; (d) A change in any performance-based standards stated in the contract; (e) The imposition of financial consequences as the result of a failure to satisfy performance-based standards under § 19-11-267 during the year preceding the renewal or extension of the contract; and (f) The submission of a vendor performance report during the year preceding the renewal or extension of the contract. (B) However, a state agency may elect to submit a contract for review under this subsection if the state agency is uncertain whether the contract has a material change. (5) A contract that is submitted for review under this subsection and that has a total projected contract amount of at least three hundred fifty thousand dollars ($350,000) shall have a cover sheet that provides the following information: (A) A description of the services being procured; (B) A description of the procurement process followed, including without limitation the method used for the procurement; and (C) The outcome of any protests. (b) The Legislative Council or the Joint Budget Committee may review or exempt from review any contract or group of contracts contemplated by this section. (c) A contract that is procured by a state agency that has a state agency procurement official or procurement authority under a delegation order is subject to the presentment requirements under this section. (d) It is a violation of state procurement laws, Arkansas Code Title 19, Chapter 11, for a state agency official to procure services in an incremental or split purchase arrangement to avoid the presentment requirements of this section. Amended by Act 2019, No. 417,§ 7, eff. 7/24/2019. Amended by Act 2015, No. 557,§ 5, eff. 8/1/2015. Acts 2007, No. 870, § 1; 2009, No. 396, § 1.

(a) (1) Except for critical emergency procurements and as otherwise provided in this section, a contract requiring the services of one (1) or more persons shall be presented to the Legislative Council or, if the General Assembly is in session, to the Joint Budget Committee, if the annual contract amount is at least fifty thousand dollars ($50,000) in any one (1) contract year or if the total projected contract amount, including any amendments or possible extensions, is at least three hundred fifty thousand dollars ($350,000). (2) The Legislative Council or the Joint Budget Committee shall provide the State Procurement Director with its review as to the propriety of the contract within thirty (30) days after receipt of the proposed contract. (3) The contract shall not be submitted to the Legislative Council or to the Joint Budget Committee until the Office of State Procurement has reviewed the contract and provided the Legislative Council or the Joint Budget Committee with a recommendation regarding the legality of the contract. (4) (A) (i) A contract that does not have a material change upon renewal or extension shall be included in the monthly report required under § 19-11-274 instead of being submitted to the Legislative Council or the Joint Budget Committee for review under this subsection. (ii) As used in this subdivision (a)(4), "material change" includes without limitation: (a) An increase in the contract amount; (b) An increase in the total projected contract amount; (c) A change in any of the essential terms of the contract; (d) A change in any performance-based standards stated in the contract; (e) The imposition of financial consequences as the result of a failure to satisfy performance-based standards under § 19-11-267 during the year preceding the renewal or extension of the contract; and (f) The submission of a vendor performance report during the year preceding the renewal or extension of the contract. (B) However, a state agency may elect to submit a contract for review under this subsection if the state agency is uncertain whether the contract has a material change. (5) A contract that is submitted for review under this subsection and that has a total projected contract amount of at least three hundred fifty thousand dollars ($350,000) shall have a cover sheet that provides the following information: (A) A description of the services being procured; (B) A description of the procurement process followed, including without limitation the method used for the procurement; and (C) The outcome of any protests.

(1) Except for critical emergency procurements and as otherwise provided in this section, a contract requiring the services of one (1) or more persons shall be presented to the Legislative Council or, if the General Assembly is in session, to the Joint Budget Committee, if the annual contract amount is at least fifty thousand dollars ($50,000) in any one (1) contract year or if the total projected contract amount, including any amendments or possible extensions, is at least three hundred fifty thousand dollars ($350,000).

(2) The Legislative Council or the Joint Budget Committee shall provide the State Procurement Director with its review as to the propriety of the contract within thirty (30) days after receipt of the proposed contract.

(3) The contract shall not be submitted to the Legislative Council or to the Joint Budget Committee until the Office of State Procurement has reviewed the contract and provided the Legislative Council or the Joint Budget Committee with a recommendation regarding the legality of the contract.

(4) (A) (i) A contract that does not have a material change upon renewal or extension shall be included in the monthly report required under § 19-11-274 instead of being submitted to the Legislative Council or the Joint Budget Committee for review under this subsection. (ii) As used in this subdivision (a)(4), "material change" includes without limitation: (a) An increase in the contract amount; (b) An increase in the total projected contract amount; (c) A change in any of the essential terms of the contract; (d) A change in any performance-based standards stated in the contract; (e) The imposition of financial consequences as the result of a failure to satisfy performance-based standards under § 19-11-267 during the year preceding the renewal or extension of the contract; and (f) The submission of a vendor performance report during the year preceding the renewal or extension of the contract. (B) However, a state agency may elect to submit a contract for review under this subsection if the state agency is uncertain whether the contract has a material change.

(A) (i) A contract that does not have a material change upon renewal or extension shall be included in the monthly report required under § 19-11-274 instead of being submitted to the Legislative Council or the Joint Budget Committee for review under this subsection. (ii) As used in this subdivision (a)(4), "material change" includes without limitation: (a) An increase in the contract amount; (b) An increase in the total projected contract amount; (c) A change in any of the essential terms of the contract; (d) A change in any performance-based standards stated in the contract; (e) The imposition of financial consequences as the result of a failure to satisfy performance-based standards under § 19-11-267 during the year preceding the renewal or extension of the contract; and (f) The submission of a vendor performance report during the year preceding the renewal or extension of the contract.

(i) A contract that does not have a material change upon renewal or extension shall be included in the monthly report required under § 19-11-274 instead of being submitted to the Legislative Council or the Joint Budget Committee for review under this subsection.

(ii) As used in this subdivision (a)(4), "material change" includes without limitation: (a) An increase in the contract amount; (b) An increase in the total projected contract amount; (c) A change in any of the essential terms of the contract; (d) A change in any performance-based standards stated in the contract; (e) The imposition of financial consequences as the result of a failure to satisfy performance-based standards under § 19-11-267 during the year preceding the renewal or extension of the contract; and (f) The submission of a vendor performance report during the year preceding the renewal or extension of the contract.

(a) An increase in the contract amount;

(b) An increase in the total projected contract amount;

(c) A change in any of the essential terms of the contract;

(d) A change in any performance-based standards stated in the contract;

(e) The imposition of financial consequences as the result of a failure to satisfy performance-based standards under § 19-11-267 during the year preceding the renewal or extension of the contract; and

(f) The submission of a vendor performance report during the year preceding the renewal or extension of the contract.

(B) However, a state agency may elect to submit a contract for review under this subsection if the state agency is uncertain whether the contract has a material change.

(5) A contract that is submitted for review under this subsection and that has a total projected contract amount of at least three hundred fifty thousand dollars ($350,000) shall have a cover sheet that provides the following information: (A) A description of the services being procured; (B) A description of the procurement process followed, including without limitation the method used for the procurement; and (C) The outcome of any protests.

(A) A description of the services being procured;

(B) A description of the procurement process followed, including without limitation the method used for the procurement; and

(C) The outcome of any protests.

(b) The Legislative Council or the Joint Budget Committee may review or exempt from review any contract or group of contracts contemplated by this section.

(c) A contract that is procured by a state agency that has a state agency procurement official or procurement authority under a delegation order is subject to the presentment requirements under this section.

(d) It is a violation of state procurement laws, Arkansas Code Title 19, Chapter 11, for a state agency official to procure services in an incremental or split purchase arrangement to avoid the presentment requirements of this section.

Amended by Act 2019, No. 417,§ 7, eff. 7/24/2019.

Amended by Act 2015, No. 557,§ 5, eff. 8/1/2015.

Acts 2007, No. 870, § 1; 2009, No. 396, § 1.
Ark. Code Ann. § 19-4-710 — AR Code / Title 19 / Chapter 4 / Subchapter 7 / Section 19-4-710
Interagency transfers - Definition
Status: in_force

(a) To prevent the duplication of recording expenditures and revenues resulting from interagency transactions, the Chief Fiscal Officer of the State, after securing the approval of the proposed procedures by the Legislative Auditor, may provide for an interagency transfer of moneys or recognize a journal entry to charge the expenditure to the disbursing agency without creating a warrant and to identify the cash receipt by the receiving agency. (b) Budget manuals prepared for the General Assembly for the biennial state budget shall identify the original revenue source of interagency transfers of funds. (c) As used in this section, "interagency transfer" means: (1) The purchase of services or commodities by one (1) state agency from another state agency, or within a state agency; or (2) Other transfers of funds under § 19-5-106 or other provision of law. Acts 1973, No. 876, § 13; 1977, No. 486, § 3; 1979, No. 833, § 4; 1985, No. 365, § 5; A.S.A. 1947, § 13-339; Acts 2001, No. 1453, § 16; 2005, No. 1172, § 1.

(a) To prevent the duplication of recording expenditures and revenues resulting from interagency transactions, the Chief Fiscal Officer of the State, after securing the approval of the proposed procedures by the Legislative Auditor, may provide for an interagency transfer of moneys or recognize a journal entry to charge the expenditure to the disbursing agency without creating a warrant and to identify the cash receipt by the receiving agency.

(b) Budget manuals prepared for the General Assembly for the biennial state budget shall identify the original revenue source of interagency transfers of funds.

(c) As used in this section, "interagency transfer" means: (1) The purchase of services or commodities by one (1) state agency from another state agency, or within a state agency; or (2) Other transfers of funds under § 19-5-106 or other provision of law.

(1) The purchase of services or commodities by one (1) state agency from another state agency, or within a state agency; or

(2) Other transfers of funds under § 19-5-106 or other provision of law.

Acts 1973, No. 876, § 13; 1977, No. 486, § 3; 1979, No. 833, § 4; 1985, No. 365, § 5; A.S.A. 1947, § 13-339; Acts 2001, No. 1453, § 16; 2005, No. 1172, § 1.
Ark. Code Ann. § 19-5-1220 — AR Code / Title 19 / Chapter 5 / Subchapter 12 / Section 19-5-1220
Drug Prevention and Intervention Program Fund
Status: in_force

(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 fund to be known as the "Drug Prevention and Intervention Program Fund". (b) The fund shall consist of such revenues authorized by law. (c) The fund shall be used by the Department of Health to fund drug prevention and intervention activities. Acts 2003, No. 1672, § 4.

(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 fund to be known as the "Drug Prevention and Intervention Program Fund".

(b) The fund shall consist of such revenues authorized by law.

(c) The fund shall be used by the Department of Health to fund drug prevention and intervention activities.

Acts 2003, No. 1672, § 4.
Ark. Code Ann. § 19-1-303 — AR Code / Title 19 / Chapter 1 / Subchapter 3 / Section 19-1-303
Bills imposing new or additional costs on municipality or county - Fiscal impact statements - Definition
Status: in_force

(a) (1) Any bill filed with the Senate that requires an expenditure of public funds by a municipality or county, or otherwise imposes a new or increased cost obligation on any municipality or county, shall have a fiscal impact statement attached to it, prepared by the author of the bill and filed with the bill at the time of its introduction. A copy of such fiscal impact statement shall be placed on the desk of each member of the Senate committee to which the bill is referred before the bill may be called up for final action in the committee. A copy of it shall also be placed on the desk of each member of the Senate before a final vote may be taken on it for final passage. (2) If the author of any Senate or House of Representatives bill affected by this section shall fail to file a fiscal impact statement, any member of the Senate committee to which the bill is referred may object to its being called up for final action in the committee until a fiscal impact statement is made available to the committee. If such an objection is made by a member of the Senate committee, the chair of the committee shall refer the bill to the appropriate state agency or to the legislative staff for the preparation of a fiscal impact statement, to be returned to the committee in writing not later than five (5) days from the date of the request. (3) If any such Senate or House bill is called up for final passage in the Senate and a fiscal impact statement has not been provided by the author of the bill or by the committee to which the bill was referred, any member of the Senate may object to the bill's being called up for final passage until a fiscal impact statement is prepared and made available on the desk of each member of the Senate at least one (1) day prior to the bill's being called up for final passage. If such an objection is made, the presiding officer of the Senate shall cause the bill to be referred to the appropriate state agency or to the designated legislative staff for the preparation of a fiscal impact statement, which shall be filed in writing with the Senate not later than five (5) days from the date of the request. (b) (1) When any House or Senate bill requiring an expenditure of public funds or otherwise imposing a new or increased cost obligation on any municipality or county is pending before any committee of the House of Representatives, any member of the committee may request that a fiscal impact statement for the bill be placed on the desk of each member of the committee before the bill is called up for final action in the committee. If the request is made, the chair of the committee shall refer the bill to the appropriate state agency or to the legislative staff for the preparation of a fiscal impact statement, to be returned to the committee in writing not later than five (5) days from the date of the request. (2) Any time before the bill is read the third time in the House of Representatives, a member of the House of Representatives may request that a fiscal impact statement for the bill be prepared and placed on the desk of each member. When a member of the House of Representatives so requests a fiscal impact statement on any bill, the Speaker of the House of Representatives shall furnish the member a fiscal impact statement signature form which shows the number of the bill for which the statement is requested and the date and time the request was made. If the member returns the form containing the signature of the requesting member and the signatures of at least nine (9) other House of Representatives members within thirty (30) minutes of the time shown on the form, the fiscal impact statement shall be prepared and placed on the desk of each member of the House of Representatives before the bill is read the third time. (3) If a bill is called up for final passage in the House of Representatives and a fiscal impact statement has not been provided for the bill, any member of the House of Representatives in which the bill is being considered may move that a final vote on the passage of the bill be delayed until a fiscal impact statement is prepared and made available on the desk of each member of the House of Representatives at least one (1) full day prior to the bill's being called up for final passage. If the motion is made and is adopted by a majority vote of the membership of the House of Representatives, the Speaker of the House of Representatives shall cause the bill to be referred to the appropriate state agency or to the designated legislative staff for the preparation of a fiscal impact statement, which shall be filed with the House of Representatives within five (5) days of the date of the request. (c) Failure of the sponsor of a bill to provide the fiscal impact statement required in this section shall not prohibit the consideration of it in the committee to which referred or on the floor of the house in which the bill is called up for final passage if no objection to it is made at the time such action is taken. (d) Nothing in this section shall prohibit a committee to which a bill is referred or the house in which the bill is being considered from suspending the requirement of the filing of a fiscal impact statement on any such bill in the same manner as provided for the suspension of the rules in the house in which the bill is being considered. (e) Copies of fiscal impact statements prepared in compliance with this section shall be made available upon request for them to representatives of municipal or county governments. A fiscal impact statement filed or prepared in compliance with this section is declared to be a public record within the meaning of the Freedom of Information Act of 1967, § 25-19-101 et seq. (f) For the purposes of this section, the term "fiscal impact statement" means a realistic statement of the estimated financial cost to municipalities or counties of implementing or complying with a proposed law and rules promulgated under it. Amended by Act 2019, No. 315,§ 1695, eff. 7/24/2019. Acts 1985, No. 806, § 1; A.S.A. 1947, § 13-2304; Acts 1992 (1st Ex. Sess.), No. 43, § 1.

(a) (1) Any bill filed with the Senate that requires an expenditure of public funds by a municipality or county, or otherwise imposes a new or increased cost obligation on any municipality or county, shall have a fiscal impact statement attached to it, prepared by the author of the bill and filed with the bill at the time of its introduction. A copy of such fiscal impact statement shall be placed on the desk of each member of the Senate committee to which the bill is referred before the bill may be called up for final action in the committee. A copy of it shall also be placed on the desk of each member of the Senate before a final vote may be taken on it for final passage. (2) If the author of any Senate or House of Representatives bill affected by this section shall fail to file a fiscal impact statement, any member of the Senate committee to which the bill is referred may object to its being called up for final action in the committee until a fiscal impact statement is made available to the committee. If such an objection is made by a member of the Senate committee, the chair of the committee shall refer the bill to the appropriate state agency or to the legislative staff for the preparation of a fiscal impact statement, to be returned to the committee in writing not later than five (5) days from the date of the request. (3) If any such Senate or House bill is called up for final passage in the Senate and a fiscal impact statement has not been provided by the author of the bill or by the committee to which the bill was referred, any member of the Senate may object to the bill's being called up for final passage until a fiscal impact statement is prepared and made available on the desk of each member of the Senate at least one (1) day prior to the bill's being called up for final passage. If such an objection is made, the presiding officer of the Senate shall cause the bill to be referred to the appropriate state agency or to the designated legislative staff for the preparation of a fiscal impact statement, which shall be filed in writing with the Senate not later than five (5) days from the date of the request.

(1) Any bill filed with the Senate that requires an expenditure of public funds by a municipality or county, or otherwise imposes a new or increased cost obligation on any municipality or county, shall have a fiscal impact statement attached to it, prepared by the author of the bill and filed with the bill at the time of its introduction. A copy of such fiscal impact statement shall be placed on the desk of each member of the Senate committee to which the bill is referred before the bill may be called up for final action in the committee. A copy of it shall also be placed on the desk of each member of the Senate before a final vote may be taken on it for final passage.

(2) If the author of any Senate or House of Representatives bill affected by this section shall fail to file a fiscal impact statement, any member of the Senate committee to which the bill is referred may object to its being called up for final action in the committee until a fiscal impact statement is made available to the committee. If such an objection is made by a member of the Senate committee, the chair of the committee shall refer the bill to the appropriate state agency or to the legislative staff for the preparation of a fiscal impact statement, to be returned to the committee in writing not later than five (5) days from the date of the request.

(3) If any such Senate or House bill is called up for final passage in the Senate and a fiscal impact statement has not been provided by the author of the bill or by the committee to which the bill was referred, any member of the Senate may object to the bill's being called up for final passage until a fiscal impact statement is prepared and made available on the desk of each member of the Senate at least one (1) day prior to the bill's being called up for final passage. If such an objection is made, the presiding officer of the Senate shall cause the bill to be referred to the appropriate state agency or to the designated legislative staff for the preparation of a fiscal impact statement, which shall be filed in writing with the Senate not later than five (5) days from the date of the request.

(b) (1) When any House or Senate bill requiring an expenditure of public funds or otherwise imposing a new or increased cost obligation on any municipality or county is pending before any committee of the House of Representatives, any member of the committee may request that a fiscal impact statement for the bill be placed on the desk of each member of the committee before the bill is called up for final action in the committee. If the request is made, the chair of the committee shall refer the bill to the appropriate state agency or to the legislative staff for the preparation of a fiscal impact statement, to be returned to the committee in writing not later than five (5) days from the date of the request. (2) Any time before the bill is read the third time in the House of Representatives, a member of the House of Representatives may request that a fiscal impact statement for the bill be prepared and placed on the desk of each member. When a member of the House of Representatives so requests a fiscal impact statement on any bill, the Speaker of the House of Representatives shall furnish the member a fiscal impact statement signature form which shows the number of the bill for which the statement is requested and the date and time the request was made. If the member returns the form containing the signature of the requesting member and the signatures of at least nine (9) other House of Representatives members within thirty (30) minutes of the time shown on the form, the fiscal impact statement shall be prepared and placed on the desk of each member of the House of Representatives before the bill is read the third time. (3) If a bill is called up for final passage in the House of Representatives and a fiscal impact statement has not been provided for the bill, any member of the House of Representatives in which the bill is being considered may move that a final vote on the passage of the bill be delayed until a fiscal impact statement is prepared and made available on the desk of each member of the House of Representatives at least one (1) full day prior to the bill's being called up for final passage. If the motion is made and is adopted by a majority vote of the membership of the House of Representatives, the Speaker of the House of Representatives shall cause the bill to be referred to the appropriate state agency or to the designated legislative staff for the preparation of a fiscal impact statement, which shall be filed with the House of Representatives within five (5) days of the date of the request.

(1) When any House or Senate bill requiring an expenditure of public funds or otherwise imposing a new or increased cost obligation on any municipality or county is pending before any committee of the House of Representatives, any member of the committee may request that a fiscal impact statement for the bill be placed on the desk of each member of the committee before the bill is called up for final action in the committee. If the request is made, the chair of the committee shall refer the bill to the appropriate state agency or to the legislative staff for the preparation of a fiscal impact statement, to be returned to the committee in writing not later than five (5) days from the date of the request.

(2) Any time before the bill is read the third time in the House of Representatives, a member of the House of Representatives may request that a fiscal impact statement for the bill be prepared and placed on the desk of each member. When a member of the House of Representatives so requests a fiscal impact statement on any bill, the Speaker of the House of Representatives shall furnish the member a fiscal impact statement signature form which shows the number of the bill for which the statement is requested and the date and time the request was made. If the member returns the form containing the signature of the requesting member and the signatures of at least nine (9) other House of Representatives members within thirty (30) minutes of the time shown on the form, the fiscal impact statement shall be prepared and placed on the desk of each member of the House of Representatives before the bill is read the third time.

(3) If a bill is called up for final passage in the House of Representatives and a fiscal impact statement has not been provided for the bill, any member of the House of Representatives in which the bill is being considered may move that a final vote on the passage of the bill be delayed until a fiscal impact statement is prepared and made available on the desk of each member of the House of Representatives at least one (1) full day prior to the bill's being called up for final passage. If the motion is made and is adopted by a majority vote of the membership of the House of Representatives, the Speaker of the House of Representatives shall cause the bill to be referred to the appropriate state agency or to the designated legislative staff for the preparation of a fiscal impact statement, which shall be filed with the House of Representatives within five (5) days of the date of the request.

(c) Failure of the sponsor of a bill to provide the fiscal impact statement required in this section shall not prohibit the consideration of it in the committee to which referred or on the floor of the house in which the bill is called up for final passage if no objection to it is made at the time such action is taken.

(d) Nothing in this section shall prohibit a committee to which a bill is referred or the house in which the bill is being considered from suspending the requirement of the filing of a fiscal impact statement on any such bill in the same manner as provided for the suspension of the rules in the house in which the bill is being considered.

(e) Copies of fiscal impact statements prepared in compliance with this section shall be made available upon request for them to representatives of municipal or county governments. A fiscal impact statement filed or prepared in compliance with this section is declared to be a public record within the meaning of the Freedom of Information Act of 1967, § 25-19-101 et seq.

(f) For the purposes of this section, the term "fiscal impact statement" means a realistic statement of the estimated financial cost to municipalities or counties of implementing or complying with a proposed law and rules promulgated under it.

Amended by Act 2019, No. 315,§ 1695, eff. 7/24/2019.

Acts 1985, No. 806, § 1; A.S.A. 1947, § 13-2304; Acts 1992 (1st Ex. Sess.), No. 43, § 1.
Ark. Code Ann. § 19-5-1061 — AR Code / Title 19 / Chapter 5 / Subchapter 10 / Section 19-5-1061
[Repealed]
Status: repealed

Repealed by Act 2013, No. 1146,§ 3, eff. 8/16/2013. Acts 1995, No. 1163, § 27.

Repealed by Act 2013, No. 1146,§ 3, eff. 8/16/2013.

Acts 1995, No. 1163, § 27.