reglab/housing_qa huggingface dataset:
AR Code § 19-3-506 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-506. Custodian of moneys and securities — Internal controls — Annual audit

 (a)  (1) The Treasurer of State shall:  (A) Be custodian of all moneys, securities, and certificates of deposit at any time held in the State Treasury; and  (B) Maintain all moneys and securities consistent with generally accepted accounting principles.    (2) However, control of the disposition of securities is vested in the respective administrators of the several trust accounts for whom the securities are held.    (b) To ensure the financial integrity of the State Treasury, the Treasurer of State shall:  (1) Establish and maintain effective internal controls over financial reporting and record keeping, including the monitoring of ongoing activities, and comply with the Arkansas Constitution and applicable laws, rules, contracts, and agreements;  (2) Establish and maintain effective internal controls to prevent and detect fraud;  (3) With respect to State Treasury funds or other public funds, notify Arkansas Legislative Audit of all known fraud or suspected fraud or all known or suspected illegal acts involving the management or other employees of the Treasurer of State, the State Board of Finance, a bank depository, an investment depository, or a securities broker;  (4) Inform Arkansas Legislative Audit and the Chief Fiscal Officer of the State of any known material violations of the Arkansas Constitution or applicable statutes, rules, contracts, or agreements;  (5) Prepare records and reports in accordance with guidelines and timelines established by the Chief Fiscal Officer of the State to permit incorporation into the state's financial statements and to permit the audit of the state's financial statements and the records, reports, and financial statements of the Treasurer of State in a timely manner; and  (6) Make all financial records and related information available to Arkansas Legislative Audit, including the identification of significant personal or financial relationships between a director, officer, or employee of a bank depository, investment depository, or securities broker and an officer or employee of the Treasurer of State or board.
AR Code § 19-3-507 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-507. Bank depositories generally

 (a) Subject to the conditions and limitations provided in §§ 19-3-508 — 19-3-517, a bank or savings and loan association may be designated as a bank depository.  (b)  (1) A bank or savings and loan association is not required to act as a bank depository.  (2) However, the acceptance of a deposit of State Treasury funds requires a bank depository to observe §§ 19-3-508 — 19-3-517.
AR Code § 19-3-508 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-508. Deposits in ineligible institutions

 (a) The Treasurer of State shall not deposit State Treasury funds into an institution that is not eligible to be a bank depository under § 19-3-507 unless deposits in the institution are required to be made by other law or by resolution of a state board or commission duly adopted pursuant to the authority and requirement of other law.  (b) The prohibition of subsection (a) of this section does not apply to funds payable from the State Treasury that are required by paying agents to meet debt service requirements of bond obligations incurred by law.
AR Code § 19-3-509 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-509. Maximum amount of deposits and investments — Protection of State Treasury funds

 (a) The maximum amount of moneys and securities from the State Treasury held by a bank depository shall not exceed an amount equal to the total amount of the capital base of the bank depository.  (b) An investment depository and a securities broker shall provide the Treasurer of State and State Board of Finance proof of:  (1) Securities investor protection coverage for each investment of State Treasury funds; and  (2) Compliance with fidelity bond requirements of the United States Securities and Exchange Commission.
AR Code § 19-3-510 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-510. Types of accounts for deposits

 (a)  (1) Funds from the State Treasury deposited into a bank depository or an investment depository shall be credited to accounts in the name of the Treasurer of State.  (2) Except as provided in § 19-3-512, the Treasurer of State may establish accounts as demand deposit accounts, certificates of deposit, or other accounts.    (b) The certificate of deposit account in a bank depository or an investment depository shall consist of funds from the State Treasury deposited under the State Treasury Certificate of Deposit Investment Program and trust funds deposited for various trust funds.  (c) The demand deposit account in a bank depository or an investment depository shall consist of:  (1) All federal funds, as described in § 19-7-101 et seq.;  (2) Trust funds to the extent that the trust funds are not invested in securities and certificates of deposit; and  (3) State funds to the extent that the state funds are not invested in securities.    (d) Funds from the State Treasury shall not be deposited into a bank depository or an investment depository except under the terms of a written agreement entered into between the Treasurer of State and the bank depository or investment depository that complies with applicable state law and rules and federal law, rules, and regulations.
AR Code § 19-3-511 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-511. Term of deposit — Interest

 (a) At a meeting called and held before the start of the term of a certificate of deposit, the State Board of Finance shall determine the interest rate to be paid on certificates of deposit invested through the State Treasury Certificate of Deposit Investment Program.  (b) The Treasurer of State and each bank depository shall enter into an agreement establishing the term or renewal term of the certificate of deposit.  (c)  (1) Notice of the date and time of the meeting shall be given by the Secretary of the State Board of Finance and published in a newspaper of statewide circulation at least five (5) days but no more than fifteen (15) days before the meeting.  (2) At the meeting a person desiring to be heard shall be given the opportunity to express his or her views on any matter under consideration by the board.  (3) After considering all views expressed and the views of the board members, the board shall fix the rate of interest to be used by the Treasurer of State and paid by bank depositories during the next term.
AR Code § 19-3-512 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-512. Estimate and investment of funds not needed for immediate cash requirements

 (a)  (1) No less than quarterly, the State Board of Finance in conjunction with the Chief Fiscal Officer of the State shall determine the amount of funds from the State Treasury available for deposit by the Treasurer of State into the State Treasury Certificate of Deposit Investment Program.  (2) The board shall direct the investment of all moneys that exceed the cash requirements needed to satisfy outstanding warrants and other liquid obligations for the succeeding quarter.    (b)  (1) At least ten (10) days before making the determination required by subsection (a) of this section and after reviewing current holdings in the State Treasury and all available revenue forecasts, appropriations, expenditure budgets, year-to-date expenditure reports, prior year expenditure trends, and any other pertinent information, the Chief Fiscal Officer of the State shall advise the board of the estimated amount of cash reserves expected to be needed by the Treasurer of State to purchase warrants in the next fiscal quarter.  (2) The board shall direct the Treasurer of State:  (A) To purchase warrants in the next fiscal quarter; and  (B) In the type and amount for deposit and investment of all holdings exceeding cash reserves for warrant purposes.      (c) The Treasurer of State, acting ministerially, may do all things necessary to accomplish the purposes and intent of this section.
AR Code § 19-3-513 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-513. Interest income on deposits

 (a) Interest from time to time due by a bank depository on Cash Account demand deposit accounts and Certificate of Deposit Account certificates of deposit shall be paid to the Treasurer of State as directed by the Treasurer of State.  (b) The interest income shall be classified as trust fund income, and the net amount of the interest income shall be credited to the Securities Reserve Fund.
AR Code § 19-3-514 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-514. List of deposits

 (a)  (1) On or before the tenth day following the end of each calendar quarter, the Treasurer of State shall prepare a list of all bank depositories.  (2) For each bank depository, the list shall include the amounts of State Treasury funds on time deposit and on demand deposit on the last day of business of the calendar quarter.    (b) The list shall be maintained for public inspection at the Treasurer of State's office.
AR Code § 19-3-515 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-515. Charges on deposits

 (a)  (1) The Treasurer of State, acting ministerially, may contract with a bank depository or investment depository to pay processing fees for handling funds of the State Treasury if it is deemed to be in the best interest of the State of Arkansas.  (2) The processing fees shall be paid by state warrant from appropriations to the Treasurer of State.    (b) Unless authorized by its contract with the Treasurer of State, a bank depository or investment depository shall not make any charge for handling funds of the State Treasury.  (c) A bank depository or investment depository shall not use compensating deposit balances to offset processing fees.  (d) A claim for a charge or processing fee in violation of this section is void.
AR Code § 19-3-516 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-516. Discontinuance as bank depository

 (a) A bank depository that refuses to cash upon presentation by the payee within thirty (30) days of issuance a state warrant of five hundred dollars ($500) or less drawn upon the State Treasury or a bank check of five hundred dollars ($500) or less issued by a state agency shall:  (1) Be discontinued immediately as a bank depository; and  (2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository.    (b) This section does not prevent a bank depository from:  (1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or  (2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.
AR Code § 19-3-517 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-517. Effect of proper deposits

 The deposit of State Treasury funds in accordance with §§ 19-3-507 — 19-3-516 relieves the Treasurer of State and the surety on the Treasurer of State's bond of liability for the loss of the funds by reason of the default or insolvency of a bank depository.
AR Code § 19-3-520 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-520. Minimum balance to be maintained

 Since it is the intent of the General Assembly that the State Treasury have sufficient cash available at all times to redeem all state warrants presented for payment, the State Board of Finance shall immediately sell securities in the manner prescribed in § 19-3-518(b) when the cash balance maintained on demand deposit in bank depositories falls below the amount necessary to meet operating requirements, excluding trust funds.
AR Code § 19-3-521 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-521. Securities Reserve Fund

 (a)  (1) In addition to the purposes for which the Securities Reserve Fund may be used under this subchapter, the Securities Reserve Fund shall be used to absorb any losses in:  (A) Securities held in the Securities Account in the State Treasury; and  (B) The Treasurer of State's account in bank depositories.    (2)  (A) The balance in the Securities Reserve Fund shall always be available to absorb the losses stated in subdivision (a)(1) of this section.  (B) However, moneys in the Securities Reserve Fund in excess of one hundred thousand dollars ($100,000) shall be available at all times to the Chief Fiscal Officer of the State as authorized by § 19-5-905, there to be used as provided by law.      (b)  (1) If a loss is sustained in relation to securities held at any time in the Securities Account or in the Treasurer of State's account in any bank depository and the credit balance in the Securities Reserve Fund is insufficient to absorb the loss, the Chief Fiscal Officer of the State shall transfer moneys from the Budget Stabilization Trust Fund to the Securities Reserve Fund of an amount that, when added to the credit balance in the Securities Reserve Fund, equals the amount of the loss.  (2) It is the intent of the General Assembly that a loss shall not be sustained by an account used to make an investment or deposit.    (c)  (1) On a quarterly basis, interest earned on federal funds received under the State and Local Fiscal Assistance Act of 1972, 31 U.S.C. § 6701 et seq., shall be transferred at the direction of the Chief Fiscal Officer of the State from the Securities Reserve Fund to the federal funds established for the purpose of holding these moneys in trust.  (2) Interest to be transferred shall be a pro rata share of total earned interest based on the proportion of the balances of the total federal funds established for the purpose of holding the State and Local Fiscal Assistance Act of 1972, 31 U.S.C. § 6701 et seq., moneys in trust to the balances of all investments of the State Treasury.
AR Code § 19-3-522 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-522. Servicing state debt — Definition

 (a) Unless otherwise specifically provided by law, the Secretary of the State Board of Finance shall be disbursing officer of appropriations made for meeting the debt service requirements of the direct general obligation bonds of this state at any time outstanding.  (b) As used in this section, “debt service requirements” means the maturing principal of, interest on, and paying agents' fees in connection with the payment of the bonds.  (c) The secretary, without fail, shall cause notice of the call to be published not less than thirty (30) days before the first date upon which such bonds may be called, with publication to be by one (1) insertion in a newspaper published in each of the cities of Little Rock, Arkansas; St. Louis, Missouri; and in a financial newspaper published in the Borough of Manhattan, City of New York, State of New York.
AR Code § 19-3-523 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 5 - State Treasury Management Law|§ 19-3-523. Purchase of bonds by Treasurer of State

 (a) The Treasurer of State may purchase bonds from the State of Israel that are guaranteed and backed by the full faith and credit of the government of Israel as the sovereign debt of the State of Israel.  (b) The moneys that the Treasurer of State may use in the purchase of any bonds from the State of Israel shall be those funds available for investment under this subchapter.
AR Code § 19-3-601 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 6 - State Treasury Money Management Trust|§ 19-3-601. Title

 This subchapter may be cited as the “State Treasury Money Management Trust Act”.
AR Code § 19-3-602 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 6 - State Treasury Money Management Trust|§ 19-3-602. Purpose

 The purpose of this subchapter is to create the State Treasury Money Management Trust administered by the Treasurer of State for the deposit of moneys in order to permit the joint investment of participants' money so as to enhance investment opportunities and earnings.
AR Code § 19-3-603 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 6 - State Treasury Money Management Trust|§ 19-3-603. Authorized deposits

 An entity listed below may deposit money to the State Treasury Money Management Trust for the purpose of investment:   (1) State agency's cash funds as defined in § 19-4-801;  (2) Local governments:  (A) Any city, county, school district, or community college district of this state; and  (B) Any department, instrumentality, or agency of these entities;    (3) The Treasurer of State may invest in the State Treasury Money Management Trust to the extent State Treasury funds are not being utilized for certificates of deposit under the State Treasury Certificate of Deposit Investment Program or for trust certificates of deposit pursuant to the State Treasury Management Law, § 19-3-501 et seq.; and  (4) The Auditor of State may invest funds subject to the unclaimed property provisions of the Unclaimed Property Act, § 18-28-201 et seq., in the State Treasury Money Management Trust.
AR Code § 19-3-605 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 6 - State Treasury Money Management Trust|§ 19-3-605. Prudent investor rule

 The Treasurer of State shall apply the prudent investor rule while serving in a fiduciary capacity for State Treasury Money Management Trust participants. The prudent investor rule means that in making investments, the fiduciaries shall exercise the judgment and care under the prevailing circumstances that an institutional investor of ordinary prudence, discretion, and intelligence exercises in the management of large investments entrusted to it, not for speculation but for investment, considering the permanent disposition of funds, and the probable safety of capital as well as probable income.
AR Code § 19-3-606 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 6 - State Treasury Money Management Trust|§ 19-3-606. Loan of securities

 (a) In order to increase investment income with minimal risk, the Treasurer of State may loan securities held under this subchapter, but only 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 be equal to not less than ninety-eight percent (98%) of the full market value calculated on the total value of all securities on loan.  (c) For purposes of this section, the value of the collateral shall be determined on a daily basis.
AR Code § 19-3-701 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 7 - State Board of Finance|§ 19-3-701. State Board of Finance — Creation — Members

 (a) The State Board of Finance is created.  (b) The board shall be composed of the following members:  (1) The Governor;  (2) The Treasurer of State;  (3) The Auditor of State;  (4) The Bank Commissioner;  (5) The Secretary of the Department of Finance and Administration;  (6) The Securities Commissioner;  (7) One (1) person with knowledge and experience in commercial banking;  (8) One (1) person who:  (A) Holds or has held a Series 7 licensure as a general securities representative; and  (B) Has at least five (5) years of experience as a general securities representative;    (9) One (1) certified public accountant who:  (A) Is licensed in Arkansas; and  (B) Has at least five (5) years of experience as a certified public accountant; and    (10) One (1) member of the general public.    (c) A board member listed in subdivisions (b)(7)-(10) of this section:  (1) Shall serve a four-year term and may be reappointed, except that the board member shall serve an initial term of either one (1) year, two (2) years, three (3) years, or four (4) years as determined by lot in order to establish staggered terms in which the term of one (1) of the four (4) board members expires each year;  (2) Shall be paid a stipend of one hundred dollars ($100) from funds appropriated to the Treasurer of State for participation in each board meeting;  (3) Shall not have a direct financial interest in a transaction between an investment depository or bank depository and the:  (A) Board; or  (B) Treasurer of State;    (4) Shall not be related within the second degree of consanguinity or affinity to a constitutional officer or a member of the General Assembly;  (5) Shall abstain from voting on an issue that affects the board member or the procedures, profits, or funding of a business or organization of which the board member is a member; and  (6) May be removed for cause by a majority vote of the board.    (d)  (1) A member listed in subdivisions (b)(7) and (8) of this section shall be appointed and may be reappointed by the President Pro Tempore of the Senate.  (2) A member listed in subdivisions (b)(9) and (10) of this section shall be appointed and may be reappointed by the Speaker of the House of Representatives.    (e) The Governor shall be Chair of the State Board of Finance, and the Treasurer of State shall be the secretary, executive officer, and disbursing agent of the board.
AR Code § 19-3-702 (2020)
2020 Arkansas Code|Title 19 - Public Finance|Chapter 3 - State Treasury Management|Subchapter 7 - State Board of Finance|§ 19-3-702. Definitions

 As used in this subchapter:   (1) “Bank depository”, “investment depository”, “securities broker”, and “State Treasury” have the meanings provided in § 19-3-502; and  (2)  (A) “Direct financial interest” means the direct compensation or other remuneration to a person or a family member of a person that is attributable to an investment or a deposit of money or securities from the State Treasury.  (B) “Direct financial interest” does not include compensation from the investment or deposit of a person's own money or securities.