reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 7 - FEDERAL FUNDS (§§ 19-7-101 — 19-7-1002) › Subchapter 9 - RESETTLEMENT OR RURAL REHABILITATION PROJECTS (§§ 19-7-901 — 19-7-910) › Section 19-7-908 - Right of political subdivision to request payment

(a)
If the United States declines to deal with a county judge with respect to any political subdivision whose jurisdictional limits are within or coextensive with the limits of the county, or in the event the jurisdictional limits of a political subdivision lie in more than one (1) county, then that subdivision is authorized to make request of the United States for the payment of such sums in lieu of taxes as the United States may agree to pay. The subdivision is empowered to enter into agreements with the United States for the performance by the subdivision of services for the benefit of a project, and for the payment by the United States to the subdivision, in one (1) or more installments, of sums in lieu of taxes.
(b)
The amount of the payment may be based upon the cost of performing the services during the period of the agreement, after taking into consideration the benefits to be derived by the subdivision from the project, but shall not be in excess of the taxes which would result to the political subdivision during the period if the real property of the project within the political subdivision were taxable.
(c)
Whenever any payment is received by a subdivision under an agreement entered into pursuant to this section, the governing body of the subdivision shall issue a receipt of the payment to the United States.
Acts 1939, No. 361, § 8; A.S.A. 1947, § 13-724.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 7 - FEDERAL FUNDS (§§ 19-7-101 — 19-7-1002) › Subchapter 9 - RESETTLEMENT OR RURAL REHABILITATION PROJECTS (§§ 19-7-901 — 19-7-910) › Section 19-7-909 - Disposition of funds

(a)
All moneys received by a political subdivision pursuant to §
19-7-907
or §
19-7-908
shall be deposited into such funds or items of a fund as may be designated in the agreement.
(b)
If the agreement does not make such designation, the moneys shall be deposited into such funds or items of a fund as the governing body of the subdivision shall, by appropriate resolution, direct.
Acts 1939, No. 361, § 9; A.S.A. 1947, § 13-725.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 7 - FEDERAL FUNDS (§§ 19-7-101 — 19-7-1002) › Subchapter 9 - RESETTLEMENT OR RURAL REHABILITATION PROJECTS (§§ 19-7-901 — 19-7-910) › Section 19-7-910 - Services of subdivision not to be denied

In the absence of an agreement for payment of sums in lieu of taxes by the United States as provided in this subchapter, no provision of this subchapter shall be construed to relieve any political subdivision of this state of the duty of furnishing for the benefit of a project all services which the subdivision usually furnishes for the property in, and persons residing within, the subdivision without a payment of sums in lieu of taxes.
Acts 1939, No. 361, § 10; A.S.A. 1947, § 13-726.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 7 - FEDERAL FUNDS (§§ 19-7-101 — 19-7-1002) › Subchapter 10 - EDUCATIONAL FUNDING (§§ 19-7-1001 — 19-7-1002) › Section 19-7-1001 - Federal Adult Basic Education Fund

There shall be established on the books of the Treasurer of State a fund to be known as the "Federal Adult Basic Education Fund".
Acts 1965, No. 328, § 3.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 7 - FEDERAL FUNDS (§§ 19-7-101 — 19-7-1002) › Subchapter 10 - EDUCATIONAL FUNDING (§§ 19-7-1001 — 19-7-1002) › Section 19-7-1002 - Federal Elementary and Secondary Education Fund

There shall be established on the books of the Treasurer of State a fund to be known as the "Federal Elementary and Secondary Education Fund".
Acts 1965, No. 329, § 3.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 19-8-101 - Definitions

(a)
"Bank" or "banking institution" means any state bank, national bank, savings bank, savings association, thrift, or other financial institution authorized to do business and having a main office or branch office in this state, which is insured by the Federal Deposit Insurance Corporation.
(b)
"Public funds" or "funds" means any and all kinds of funds handled by treasurers, collectors, commissioners, sheriffs, clerks, and receivers appointed under §
14-62-104
.
Amended by Act 2017, No. 712,§ 4, eff. 8/1/2017.
Acts 1935, No. 21, § 4; Pope's Dig., § 4330; Acts 1973, No. 89, § 2; A.S.A. 1947, § 13-804; Acts 2001, No. 1436, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 19-8-102 - Legal funds

The legal funds referred to in §§
19-8-101
-
19-8-107
as being eligible for deposit in depositories shall include any and all funds that may come into the hands of all treasurers, collectors, commissioners, sheriffs, clerks, and receivers by reason of their official capacities as commissioners.
Amended by Act 2017, No. 712,§ 5, eff. 8/1/2017.
Acts 1935, No. 21, § 4; Pope's Dig., § 4330; Acts 1973, No. 89, § 2; A.S.A. 1947, § 13-804.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 19-8-103 - Penalties

(a)
It is a felony, punishable by fine of not more than one thousand dollars ($1,000) or one (1) year in prison, or both, for any officer of any bank to accept for deposit more public funds in the aggregate than that amount designated by this section, §
19-8-101
, §
19-8-102
, and §§
19-8-104
-
19-8-107
. In no instance shall more than twenty-five percent (25%) of the total general deposits of public funds be accepted until they have been reduced to the proper proportion of general deposits. When necessary, the depository boards are authorized to order a reduction of deposits in any bank so as to conform to the twenty-five percent (25%) limitation provided for in this section. Any public officer knowingly depositing public funds in excess of this amount shall likewise be guilty of a felony and subject to the same penalty as prescribed in this subsection and shall be removed from office.
(b)
The penalties provided in this section also shall apply in the event of a depository bank's investing any deposits in excess of the twenty-five percent (25%) limitation in any manner other than that provided in §
19-8-105(b)
permitting a deposit in excess of the twenty-five percent (25%) limitation.
Acts 1935, No. 21, § 5; Pope's Dig., § 4331; A.S.A. 1947, § 13-805.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 19-8-104 - Investment of public funds

(a)
Except as provided in subsection (b) of this section, all public funds as defined in §
19-8-101
shall be deposited into banks located in the state.
(b)
A school district may seek a hardship waiver from the Legislative Joint Auditing Committee from this section and deposit public funds into an out-of-state bank if:
(1)
The school district is designated as an isolated school district under §§
6-20-601
and
6-20-602
;
(2)
The school district lies on the borders of the state line;
(3)
The nearest Arkansas bank is located at least eighteen (18) miles from the administrative offices of the district;
(4)
The administrative offices of the district are located within six (6) miles from an out-of-state bank; and
(5)
The out-of-state bank meets all other requirements concerning collateralization of state funds.
Acts 1935, No. 21, § 5; 1973, No. 107, § 1; A.S.A. 1947, § 13-802; Acts 1991, No. 459, § 1; 1995, No. 770, § 1; 2011, No. 629, § 2.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 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.
Acts 1935, No. 21, § 1; Pope's Dig., § 4327; A.S.A. 1947, § 13-801.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 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.
Amended by Act 2017, No. 712,§ 6, eff. 8/1/2017.
Acts 1935, No. 21, § 2; Pope's Dig., § 4328; Acts 1945, No. 57, § 1; 1973, No. 107, § 1; A.S.A. 1947, § 13-802; Acts 1987, No. 250, § 1; 2011, No. 619, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 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.
Acts 1937, No. 174, § 1; Pope's Dig., § 4337; A.S.A. 1947, § 13-807.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 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.
Acts 1933 (1st Ex. Sess.), No. 26, § 1; Pope's Dig., § 4336; A.S.A. 1947, § 13-806.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 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.
Acts 1921, No. 465, § 2; Pope's Dig., § 788; Acts 1975, No. 216, § 1; A.S.A. 1947, § 13-808.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-8-101 — 19-8-111) › Section 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
.
Amended by Act 2013, No. 458,§ 1, eff. 3/21/2013.
Acts 2005, No. 86, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 2 - SECURITIES FOR DEPOSITS (§§ 19-8-201 — 19-8-203) › Section 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.
Acts 1975, No. 373, § 1; A.S.A. 1947, § 13-809.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 2 - SECURITIES FOR DEPOSITS (§§ 19-8-201 — 19-8-203) › Section 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
.
Amended by Act 2017, No. 712,§ 7, eff. 8/1/2017.
Acts 1975, No. 373, § 2; A.S.A. 1947, § 13-810.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 2 - SECURITIES FOR DEPOSITS (§§ 19-8-201 — 19-8-203) › Section 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.
Acts 1975, No. 373, § 3; A.S.A. 1947, § 13-811; Acts 2001, No. 310, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 19-8-301 - Title

This subchapter may be cited as the "Local Government Joint Investment Trust Act".
Acts 1993, No. 583, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 1993, No. 583, § 2.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 1993, No. 583, § 3; 1995, No. 615, § 5.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Amended by Act 2013, No. 217,§ 1, eff. 8/16/2013.
Acts 1993, No. 583, § 4.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 1993, No. 583, § 5; 2009, No. 417, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 1993, No. 583, § 6.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 1993, No. 583, § 7.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 1993, No. 583, § 8; 2011, No. 629, § 3.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 1993, No. 583, § 9.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 1993, No. 583, § 10.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 8 - DEPOSITORIES FOR PUBLIC FUNDS (§§ 19-8-101 — 19-8-311) › Subchapter 3 - LOCAL GOVERNMENT JOINT INVESTMENT TRUST ACT (§§ 19-8-301 — 19-8-311) › Section 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.
Acts 2003, No. 329, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-9-101 — 19-9-105) › Section 19-9-101 - Form of bonds that may be issued - Definitions

(a)
In the case of authorizations under any existing law for the State of Arkansas, any board, commission, or agency of the State of Arkansas, any county, any municipality, or any improvement district to issue bonds or coupon bonds, the authorization shall be deemed to, and is extended to, include the authority to issue bonds that may be either coupon bonds, payable to bearer, or may be registrable as to principal only with interest coupons, or may be registrable as to both principal and interest without coupons. These bonds may be exchanged for bonds of another denomination, which bonds of another denomination may in turn be either coupon bonds payable to bearer or coupon bonds registrable as to principal only, or bonds registrable as to both principal and interest without coupons, as the governing body shall determine.
(b)
As used in this section, unless the context otherwise requires:
(1)
"Improvement district" means all improvement districts, drainage districts, levee districts, and other special districts formed for the purpose of constructing or maintaining a local improvement to be financed by the assessment of benefits upon the real property in the district and the levy of a tax on those assessed benefits;
(2)
"Municipality" means any city of the first class, city of the second class, or incorporated town; and
(3)
"Governing body" means the board of commissioners, city council, county court, board of trustees, or other person or body given the power and duty by the state under existing law to issue bonds by the state, any board, commission, or agency of the state, any county, any municipality, or any improvement district.
(c)
This section is to be liberally construed, and the authority set forth in it is cumulative and supplemental to all other provisions of law authorizing the issuance of registrable bonds.
Acts 1965, No. 494, §§ 1-3; A.S.A. 1947, §§ 13-1011 -- 13-1013.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-9-101 — 19-9-105) › Section 19-9-102 - Replacement of lost, destroyed, or stolen bonds

(a)
In cases where any valid bond, note, interest coupon, or evidence of indebtedness, hereinafter called "instrument", issued by the State of Arkansas, or any of its departments, agencies, or political subdivisions, including, but not limited to, school districts and improvement districts of all kinds, becomes lost, mislaid, destroyed, or stolen, the body which issued the instrument, or its successor, shall issue and deliver to the one owning the right, title, and interest to and in the instrument a replacement instrument, but only on the filing with the body of:
(1)
An affidavit reciting ownership of all right, title, or interest in and to the lost, mislaid, destroyed, or stolen instrument and giving its name, the name of the board, commission, or body which issued it, the date of maturity, the denomination and number and that of any lost, mislaid, destroyed, or stolen interest coupon appertaining thereto, and briefly describing the circumstance of such loss, mislaying, destruction, or theft; and
(2)
A bond in double the face amount of such replacement, including any interest coupons affixed thereto, with a surety company licensed to do business in Arkansas as surety thereon, conditioned that if the principal, the heirs, legal representatives, successors, or assigns of the principal, or any of them, shall, in case the instrument so lost, mislaid, destroyed, or stolen be found or come into the hands or power of any of them, or into the hands, custody, or power of any other person, deliver, or cause it to be delivered unto the obligor for cancellation, and also shall at all times indemnify and save harmless the obligor from and against any and all loss, claims, actions, suits, damages, charges, or expenses of any nature and character by reason of the lost, mislaid, destroyed, or stolen instrument, or the issuance of a replacement in lieu thereof, or the paying or crediting as prescribed of the face amount of the lost, mislaid, destroyed, or stolen instrument without the surrender thereof, then the obligation shall be void, otherwise to remain in full force and effect.
(b)
Nothing in this section shall be construed to limit or abridge any defense which the obligor may have against the lost, mislaid, destroyed, or stolen instrument; nor shall anything in this section waive any provision of any statute of limitations.
Acts 1941, No. 350, § 1; A.S.A. 1947, § 13-1001.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-9-101 — 19-9-105) › Section 19-9-103 - Paying agents to remit funds after three years

(a)
Paying agents, with whom the state or any political subdivision of the state has deposited or shall deposit funds for the payment of obligations of the state or of any political subdivision of the state, are required to remit to the Treasurer of State all such funds which have been in their hands for a period of three (3) years.
(b)
The Treasurer of State shall invest these funds from paying agents in government or state bonds which he or she shall hold in trust for the holders of the obligations for the payment of which the funds were deposited with the paying agents.
(c)
On the presentation to the Treasurer of State of any valid obligation that was payable out of any fund remitted to him or her by a paying agent, the Treasurer of State shall sell the bonds purchased with such fund and redeem the obligation.
Acts 1941, No. 113, §§ 1-3; A.S.A. 1947, §§ 13-1004 -- 13-1006.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-9-101 — 19-9-105) › Section 19-9-104 - Bonds held five years

After holding any government or state bond purchased by him or her for a period of five (5) years, the Treasurer of State shall liquidate the bond and place the proceeds to the credit of the General Revenue Fund Account of the State Apportionment Fund, or remit them to the political subdivision of the state to which they belong, as the case may be.
Acts 1941, No. 113, § 4; A.S.A. 1947, § 13-1007.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-9-101 — 19-9-105) › Section 19-9-105 - Pay until barred

Every bond issued by the state, or by any political subdivision thereof, shall be paid by the state or by the political subdivision unless it is barred by the statute of limitations.
Acts 1941, No. 113, § 5; A.S.A. 1947, § 13-1008.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 2 - STATE OBLIGATIONS (§§ 19-9-201 — 19-9-205) › Section 19-9-201 - Authority of State Board of Finance

The State Board of Finance is authorized to:
(1)
Take such action as may be provided by law for the issuance of refunding bonds for outstanding obligations to the State of Arkansas;
(2)
Issue replacement bonds, either typewritten, printed, or lithographed, for lost, mislaid, destroyed, or stolen bonds of the State of Arkansas in the manner and within the limitations provided by §
19-9-102
;
(3)
Take such action as may appear necessary or desirable to collect any funds which may have been in the hands of paying agents for a period of three (3) years or longer and to invest any funds so collected in the manner provided by §§
19-9-103
-
19-9-105
; and
(4)
Take such other action, not inconsistent with law, as may appear necessary or desirable to:
(A)
Retire the direct bonded debt of the State of Arkansas in an orderly manner;
(B)
Safeguard state funds pledged for the payment of such obligations; and
(C)
Maintain and improve the credit standing of the State of Arkansas.
Acts 1955, No. 338, § 11; 1965 (1st Ex. Sess.), No. 12, § 13; A.S.A. 1947, § 13-411.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 2 - STATE OBLIGATIONS (§§ 19-9-201 — 19-9-205) › Section 19-9-202 - Authorized paying agents

(a)
The agents of the state for payment of the maturing principal of, and interest on, its direct obligation bonds, irrespective of any other legislation on the subject, shall be for all obligations a bank located in this state, to be designated by the State Board of Finance.
(b)
Fees of the paying agents shall be as follows:
(1)
For payment of interest, one-fourth of one percent (1/4 of 1%) of the total amount paid; and
(2)
For payment of principal of each maturity, the aggregate thereof to be calculated as follows, with each paying agent to receive its respective proportion based upon the amount paid by it: one-tenth of one percent (1/10 of 1%) on the first one hundred thousand dollars ($100,000) paid, one-twentieth of one percent (1/20 of 1%) on the next nine hundred thousand dollars ($900,000) paid, one-thirtieth of one percent (1/30 of 1%) on the next four million dollars ($4,000,000) paid, and one-fortieth of one percent (1/40 of 1%) on all amounts paid in excess of five million dollars ($5,000,000).
(c)
In the event any agent so designated shall refuse to accept the paying agency or in the event any agent accepting this designation shall thereafter resign or fail to furnish service satisfactory to the board, the board shall name another commercial bank as successor thereto.
(d)
Paying agents shall render monthly statements of account to, and in such form as shall be required by, the Treasurer of State. With those monthly statements, the paying agent shall transmit all paid and cancelled obligations.
Acts 1955, No. 338, § 9; A.S.A. 1947, § 13-409; Acts 1997, No. 296, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 2 - STATE OBLIGATIONS (§§ 19-9-201 — 19-9-205) › Section 19-9-203 - Registration

The Treasurer of State is designated as the official registrar of all direct obligation bonds of this state. Upon the application of the holder of any such obligations, the Treasurer of State shall register them as to principal only or as to both principal and interest. Thereafter, upon similar application, he or she shall discharge such obligations from registration.
Acts 1955, No. 338, § 10; A.S.A. 1947, § 13-410.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 2 - STATE OBLIGATIONS (§§ 19-9-201 — 19-9-205) › Section 19-9-204 - Retirement of bonds before maturity

(a)
Whenever appropriations and funds are available, the State Board of Finance is authorized and empowered to purchase direct obligations of this state in advance of maturity for the purpose of retirement under the procedure set forth in this subchapter.
(b)
All obligations purchased as prescribed, and the unmatured interest coupons attached thereto, shall be cancelled by perforation.
Acts 1955, No. 338, § 8; A.S.A. 1947, § 13-408.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 2 - STATE OBLIGATIONS (§§ 19-9-201 — 19-9-205) › Section 19-9-205 - Cancelled obligations

The Treasurer of State shall classify and record all paid and cancelled state obligations and, from time to time as directed by the State Board of Finance, destroy these obligations by burning them to ashes after preparing for execution certificates of incineration, which shall set forth a detailed description thereof.
Acts 1955, No. 338, § 9; A.S.A. 1947, § 13-409.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 9 - PUBLIC OBLIGATIONS (§§ 19-9-101 — 19-9-710) › Subchapter 3 - REFUNDING BONDS (§§ 19-9-301 — 19-9-306) › Section 19-9-301 - Delivery and deposit in trust - Definition

(a)
When refunding bonds are issued by the state, any county, municipality, school district, state-supported educational institution, improvement district of any kind, agency, or political subdivision, which may be called "issuing authorities", the bonds may either be sold or delivered in exchange for the outstanding obligations being refunded. If sold, the proceeds may be either applied to the payment of the outstanding obligations or deposited into trust for the retirement of the obligations, either at maturity or upon any authorized redemption date as specified in the ordinance, resolution, order, or other instrument authorizing the issuance of the refunding bonds.
(b)
The bonds may be issued in the principal amount necessary to pay the principal of, interest on, redemption premiums, if any, trustee's and paying agent's fees, and charges in connection with the obligations being refunded to maturity or to the redemption date specified in the instrument authorizing the issuance of the refunding bonds, these items to be called "total debt service requirements of the obligations being refunded"; to pay expenses incidental thereto; and to pay the expenses of authorizing and issuing the refunding bonds.
(c)
(1)
The bonds may be delivered when moneys or investment securities or a combination thereof, sufficient to meet, as and when due, the total debt service requirements of the obligations being refunded, have been irrevocably deposited into trust with a bank or trust company organized under the laws of the United States or any state thereof. This bank or trust company shall be qualified to receive trust funds pursuant to a trust agreement requiring the bank or trust company to apply the trust funds to the payment, as and when due, of total debt service requirements of the obligations being refunded. If the bank or trust company is not the paying agent for the obligations being refunded, the trust agreement shall require it to pay over trust moneys to the paying agent as and when required for the timely meeting of total debt service requirements of the obligations being refunded.
(2)
"Investment securities" shall mean direct obligations of, or obligations the principal of and interest on which are fully guaranteed by, the United States, maturing and bearing interest at such times and in such amounts as, together with uninvested trust moneys, will make available sufficient moneys to meet, as and when due, total debt service requirements of the obligations being refunded. In determining the sufficiency of the trust deposit, there shall be considered the principal amount of such investment securities and the interest to be earned on them.
Acts 1967, No. 145, § 1; 1973, No. 502, § 1; 1975, No. 222, § 1; A.S.A. 1947, § 13-1105.