reglab/housing_qa huggingface dataset:
AR Code § 19-8-105 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 1 - General Provisions|§ 19-8-105. Annual list of eligible banks

 (a) Annually, on December 1, the Bank Commissioner shall furnish to the governing board of each city, or town officer, and the county board of each county, and also any officer of any improvement district or any other political subdivision, having the supervision of public funds or funds belonging to the state or any political subdivision a list of all the banks or banking institutions doing business in this state which are members of the Federal Deposit Insurance Corporation. The commissioner shall recommend the maximum amount of deposit of public funds each bank shall be allowed to receive. None of these public funds shall be deposited into any bank other than those contained in the list.  (b) In no instance shall the commissioner recommend, or any bank accept, for deposit more public funds than twenty-five percent (25%) of the total of its general deposits, exclusive of the public funds. Public money in excess of the amount allowed in this section, if approved by the governing board, may be deposited into an authorized bank if the excess deposit is carried in cash, United States Government bonds, Housing and Home Finance Agency bonds, or demand loans on cotton of the kind commonly known as “Commodity Credit Corporation loans”, being only such loans as are guaranteed by the United States.
AR Code § 19-8-106 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 1 - General Provisions|§ 19-8-106. Depository boards

 (a)  (1) The quorum court of each of the several counties shall by ordinance establish a county depository board. The county depository board is to be composed of the county judge, the county treasurer and county collector, or the sheriff when acting as ex officio tax collector, or those officials performing the duties of the above officials where an elective county office has been changed in accordance with Arkansas Constitution, Amendment 55.  (2) The board shall designate depositories and supervise the depositing of all county funds and all other public funds held by the county treasurer, except funds of a school district, and also shall designate depositories and supervise the depositing of all funds collected and held by the county collector.  (3) The board may also require county officials to settle with the county treasurer more frequently than required by Arkansas law.    (b)  (1) Except as provided in subdivision (b)(2) of this section, the following persons shall constitute a three-member board to designate depositories and supervise the depositing of municipal funds:  (A) A mayor;  (B) A city clerk or recorder or clerk-treasurer or recorder-treasurer; and  (C) A city council member selected by the city council.    (2) Although the board shall not total more than three (3) members, the city council may replace one (1) of the three (3) board members listed in subdivision (b)(1) of this section with the city finance officer or other official.  (3) A majority of the board members shall be necessary to conduct business and to constitute a quorum.    (c) The commissioners of road, drainage, levee, and other improvement districts shall designate depositories and supervise the depositing of funds of their respective districts.  (d) The board of directors of any school district shall constitute a board to designate depositories and supervise the depositing of school district funds. All school district funds, whether held by the treasurer of the school district or by the county treasurer, shall be deposited as designated by the board of directors.  (e) A receiver appointed under § 14-62-104 shall be a designated depository and supervise the depositing of funds collected under § 14-62-101 et seq.
AR Code § 19-8-108 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 1 - General Provisions|§ 19-8-108. Mortgages and securities as security

 Whenever securities must be furnished by any depository in the State of Arkansas as security for the deposit of any funds whatsoever, or wherever securities must be deposited with any official of the State of Arkansas pursuant to any statute of this state, mortgages insured and debentures issued by the Federal Housing Administration and obligations of national mortgage associations shall be considered eligible securities for such purposes.
AR Code § 19-8-109 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 1 - General Provisions|§ 19-8-109. Housing agency bonds as security

 All banks which are by law authorized to accept deposits of public funds may tender, and all officers or boards whose duty it is to award contracts for the deposit of public funds and all officers or boards whose duty it is to accept security for the deposit of public funds may accept bonds of the Housing and Home Finance Agency as security for deposits of public funds at the face value of the bonds.
AR Code § 19-8-110 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 1 - General Provisions|§ 19-8-110. Farm credit obligations as security

 It shall be lawful for any person, firm, or corporation required by law to maintain a cash deposit as public security, or in lieu thereof to file a bond of approved security in favor of the State of Arkansas, to deposit with the officer of the State of Arkansas designated as the custodian of funds, in lieu of a cash deposit, an amount of notes, bonds, debentures, or other similar obligations issued by the Federal Land Banks, Federal Intermediate Credit Banks, or Banks for Cooperatives, or any other obligations issued pursuant to the provisions of an act of the United States Congress known as the Farm Credit Act of 1971, and acts amendatory thereto, which at the market value thereof shall equal or be in excess of the amount required as cash deposit.
AR Code § 19-8-111 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 1 - General Provisions|§ 19-8-111. Additional authority for investment of public funds — Definition

 (a) Notwithstanding any law to the contrary, including §§ 19-8-103 and 19-8-105, the state or local government and any trusts established under the Local Government Joint Investment Trust Act, § 19-8-301 et seq., may invest public funds through an eligible bank under § 19-8-105 if:  (1) The bank arranges for the deposit of all or a portion of the funds into one (1) or more banks or savings and loan associations located inside the United States for the account of the state or local government or trust;  (2) Each deposit is insured by the Federal Deposit Insurance Corporation for one hundred percent (100%) of the principal and accrued interest of the deposit;  (3) The bank acts as custodian of the deposits made for the account of the state or local government or trust and, as custodian, is charged with the care of the deposits and their segregation in appropriate records reflecting the total principal amount of the deposits for each custodial account; and  (4) On the date the funds are deposited according to subdivision (a)(1) of this section, the bank receives an amount of deposits from customers of other financial institutions located inside the United States that is equal to or greater than the amount of the funds invested by the state or local government or trust.    (b) For any investment of public funds under this section, the provisions of §§ 19-8-106 and 19-8-107 apply only to the eligible bank selected under subsection (a) of this section.  (c) Additional security shall not be required for investments of public funds under this section.  (d) As used in this section, “local government” means any city, county, town, or other political subdivision of the State of Arkansas, including, but not limited to, any:  (1) School district or community college district;  (2) Improvement or other taxing or assessing district;  (3) Department, instrumentality, or agency of any city, county, or other political subdivision, including, but not limited to, any local fire and police pension or relief funds; and  (4) Local government association as defined in § 19-8-303.
AR Code § 19-8-201 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 2 - Securities for Deposits|§ 19-8-201. Legislative intent and construction

 The law specifying what securities may be accepted as security for the deposit of public funds of the State of Arkansas or any political subdivision of the state is inadequate in that it is unduly restrictive on the types of securities which may be accepted. The types of securities which may be accepted as security for deposits of public funds is in need of being expanded, and this subchapter is supplementary to and does not repeal any existing law which specifies certain securities which may be accepted as security for deposit of public funds. To that end, this subchapter is declared to be remedial and should be liberally construed.
AR Code § 19-8-202 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 2 - Securities for Deposits|§ 19-8-202. Definition

 As used in this subchapter, “public funds” means, but shall not be limited to, funds of:   (1) The State of Arkansas, or any agency, department, board, commission, or instrumentality thereof;  (2) Any political subdivision of the State of Arkansas, or any agency thereof;  (3) Any school board or school district;  (4) Any improvement or other taxing or assessing district;  (5) Any public corporation or authority created by or recognized by the State of Arkansas, or any political subdivision thereof; and  (6) A receiver appointed under § 14-62-104.
AR Code § 19-8-203 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 2 - Securities for Deposits|§ 19-8-203. Eligible security for deposits

 (a) Whenever, pursuant to any statute of the state, any depository in the State of Arkansas must furnish security for the deposit of any public funds or whenever any security must be granted to any public official in connection with public funds the following shall be considered as eligible security for such purposes and subject to the depositor's discretion regarding the suitability of the collateral:  (1) The pledge or escrow of the assets of the bank consisting of any investment in which a state bank may invest pursuant to § 23-47-401;  (2) A surety bond issued by an insurance company licensed under the laws of the State of Arkansas and either:  (A) Rated “A” or better by any one (1) or more of the following rating agencies:  (i) A.M. Best Company, Inc.;  (ii) Standard & Poor's Insurance Rating Service;  (iii) Moody's Investors Service, Inc.; or  (iv) Duff & Phelps Credit Rating Co.; or    (B) Listed on the then-current United States Department of the Treasury Listing of Approved Sureties;    (3) Private deposit insurance issued by an insurance company licensed under the laws of the State of Arkansas and either:  (A) Rated “A” or better by any one (1) or more of the following rating agencies:  (i) A.M. Best Company, Inc.;  (ii) Standard & Poor's Insurance Rating Service;  (iii) Moody's Investors Service, Inc.; or  (iv) Duff & Phelps Credit Rating Co.; or    (B) Listed on the then-current United States Department of the Treasury Listing of Approved Sureties; or    (4) An irrevocable standby letter of credit issued by a Federal Home Loan Bank.    (b) The aggregate market value of assets pledged or escrowed or the face amount of the surety bond, private deposit insurance, or letter of credit securing the deposit of funds by any single depositor must be equal to or exceed the amount of the deposit to be secured.  (c) Notwithstanding subdivision (a)(1) of this section, if any political subdivision, school district, improvement district, or other issuer has defaulted on any bonds or other obligations within the preceding period of ten (10) years, bonds or other obligations of the defaulting political subdivision, school district, improvement district, or other issuer shall not be eligible as security for the deposit of public funds or as security required to be deposited in connection with public funds.
AR Code § 19-8-301 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-301. Title

 This subchapter may be cited as the “Local Government Joint Investment Trust Act”.
AR Code § 19-8-302 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-302. Purpose

 The purpose of this subchapter is to permit local governments in Arkansas to join together to establish trusts for joint investment of moneys not currently needed so as to enhance their investment opportunities and increase investment earnings. This subchapter shall be deemed to provide an additional and alternative method of investment for local governments. It is supplemental to existing investment authority.
AR Code § 19-8-303 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-303. Definitions

 For purposes of this subchapter:   (1) “Local government” shall mean:  (A) Any city, county, school district, or community college district of this state;  (B) Any department, instrumentality, or agency of these entities, including local fire and police pension and relief funds; and  (C) Any department, instrumentality, or agency of these entities, including a local government association;    (2) “Local government association” shall mean the Arkansas Municipal League, the Association of Arkansas Counties, the Arkansas School Boards Association, or any similar organization whose membership is composed of local governments or their elected officials;  (3) “Participant” shall mean a local government which is a party to a trust agreement;  (4) “Private agency” shall mean any individual or any form of business organization authorized under the laws of this or any other state; and  (5) “Trust agreement” shall mean the agreement, indenture, or other instrument creating a trust pursuant to this subchapter, together with any supplements thereto.
AR Code § 19-8-304 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-304. Creation of trusts

 (a) Ten (10) or more local governments may create a trust under this subchapter by ordinance, resolution, or otherwise pursuant to law of their governing bodies to provide for the joint investment of moneys not currently needed by the local governments creating the trust and by other local governments that become parties to the trust.  (b) Each trust shall be created by trust agreement.  (c) Following the creation of a trust agreement, other local governments may become parties to the trust agreement with appropriate action taken by the local depository board, board of directors of a school district, or other authorized party responsible for decisions related to bank deposits and investments.
AR Code § 19-8-305 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-305. Terms of trust agreement

 (a) Each trust agreement shall specify the following:  (1) Its duration;  (2)  (A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust.  (B)  (i) Each trust shall have a minimum of seven (7) trustees.  (ii) Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees.  (iii) A majority of the trustees must be officials or employees of participants.    (C)  (i) Each trustee shall be elected by the participants for a term not to exceed three (3) years.  (ii) The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year.    (D) Each participant shall be entitled to one (1) vote in each election of trustees;    (3) The qualifications, terms, and conditions necessary for additional local governments to become parties to the trust;  (4) The terms and conditions under which local governments may withdraw as parties to the trust; provided, that any party shall have the unconditional right to withdraw upon not more than ninety (90) days' notice;  (5) The permissible methods for acquiring, holding, and disposing of real and personal property used in the operation of the trust;  (6) The maximum amount of funds of participants the trust may accept for investment;  (7) The permissible methods to be employed in accomplishing the partial or complete termination of the trust and for disposing of property upon the partial or complete termination;  (8) The terms and conditions under which the trust agreement may be amended and supplemented; and  (9) Any other necessary and proper matters.    (b) Each addition of a local government as a party to a trust, each withdrawal of a local government as a party to a trust, and each amendment or supplement to a trust agreement shall be evidenced by a written supplement to the trust agreement.
AR Code § 19-8-306 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-306. Filing of trust agreement and supplements thereto

 No trust agreement or supplement to a trust agreement shall be effective until it is filed with the Secretary of State.
AR Code § 19-8-307 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-307. Common trust funds — Individual investment accounts

 (a) Each trust created pursuant to this subchapter shall establish one (1) or more common trust funds. Moneys held for the credit of a common trust fund shall be invested only in authorized common trust fund investments.  (b) Assets held for the credit of a common trust fund shall be divided into units of participation, and each participant who invests in the common trust fund shall be the owner of such units in proportion to the amount of its investment. Such units shall be authorized investments for participants.  (c) If authorized by its trust agreement, and notwithstanding any other provision of state law, a trust may also act as trustee of individual investment accounts of participants. Moneys held for the credit of an individual investment account shall be invested only in obligations which are, at the time of investment, authorized investments for the participant under applicable law, excluding this subchapter.
AR Code § 19-8-308 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-308. Authorized common trust fund investments

 A trust created under this subchapter may invest moneys held for the credit of a common trust fund in the same manner as cities under §§ 19-1-504 and 19-1-505 and according to the investment policy adopted by the board of directors of the trust.
AR Code § 19-8-309 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-309. Power to own property and contract

 (a) A trust created under this subchapter shall, subject to any limitations in the trust agreement, have power to own real and personal property necessary to carry out its functions and to contract with local government associations and private agencies for necessary services in carrying out its functions.  (b) Without limiting the generality of the foregoing, a trust may be authorized to employ an investment advisor, a trust administrator, a custodian of investments, and a person or firm to market trust investment programs.
AR Code § 19-8-310 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-310. Records

 (a) Each trust shall cause proper books of account and records to be kept in which complete and correct entries shall be made of all transactions relating to its operations.  (b) Such books shall be available for inspection by each participant at reasonable times.  (c) Each trust shall have the records audited by the Legislative Joint Auditing Committee or by a certified public accountant one (1) time each year.  (d) A copy of the audit shall be furnished to each participant and a copy shall be filed with the Secretary of State.
AR Code § 19-8-311 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 8 - Depositories for Public Funds|Subchapter 3 - Local Government Joint Investment Trust Act|§ 19-8-311. Direct deposits by State of Arkansas into local government cash management trust account

 (a) Notwithstanding any other provision of law, the following funds remitted to municipalities by the State of Arkansas may be deposited directly into a municipality's Arkansas local government cash management trust account, established pursuant to this subchapter:  (1) The Municipal Aid Fund, as described in § 19-5-601;  (2) The special highway revenues made available by the Arkansas Highway Revenue Distribution Law, § 27-70-201 et seq.; and  (3) The special revenues listed in the Revenue Classification Law, § 19-6-201 et seq., including, but not limited to, those generated by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.    (b)  (1) Upon receipt of a resolution enacted by the governing body of a municipality, the officials responsible for the transmittal of funds to the municipality shall directly deposit the funds into the municipality's local government cash management trust account.  (2) The resolution shall state the following:  (A) The name of the municipality;  (B) The funds to be transmitted; and  (C) The municipality's local government cash management trust account number.      (c)  (1) Direct deposits as provided in this section shall continue to be made until the state official or officials responsible for transmitting the funds receive a copy of a resolution enacted by the governing body of the municipality requesting the termination of the deposits.  (2) Upon receipt, the funds shall be transmitted as provided by this section.