reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 2 - STATE REVENUES - RECEIPTS AND EXPENDITURES GENERALLY (§§ 19-2-101 — 19-2-509) › Subchapter 5 - CANCELED CHECKS (§§ 19-2-501 — 19-2-509) › Section 19-2-503 - Eligibility to accept public funds

In order for a financial institution to be eligible to be a depository of public funds, the financial institution must furnish the public entity documentation, as required in this subchapter, of transactions with or through that institution.
Acts 1999, No. 648, § 3.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 2 - STATE REVENUES - RECEIPTS AND EXPENDITURES GENERALLY (§§ 19-2-101 — 19-2-509) › Subchapter 5 - CANCELED CHECKS (§§ 19-2-501 — 19-2-509) › Section 19-2-504 - Transaction summaries

On a monthly basis, financial institutions shall furnish public entities with statements summarizing all transactions of the public entity. Unless the public entity and the financial institution have a written agreement to receive digital images or copies in compliance with the provisions of this subchapter, the financial institutions shall return all original canceled checks to the public entity along with the transaction summary or statement.
Acts 1999, No. 648, § 4.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 2 - STATE REVENUES - RECEIPTS AND EXPENDITURES GENERALLY (§§ 19-2-101 — 19-2-509) › Subchapter 5 - CANCELED CHECKS (§§ 19-2-501 — 19-2-509) › Section 19-2-505 - Approval by Arkansas Legislative Audit

(a)
A financial institution desiring to provide public entities with images of canceled checks as provided in this subchapter shall provide a sample of imaged documents in one (1) or more of the following formats to Arkansas Legislative Audit for review:
(1)
Stored on a CD-ROM or similar tangible digital media;
(2)
Accessible through the internet; or
(3)
On paper.
(b)
Upon receipt of imaged documents submitted under subsection (a) of this section, Arkansas Legislative Audit shall immediately review and notify the financial institution whether or not the imaged documents are in compliance with this subchapter.
Amended by Act 2019, No. 255,§ 1, eff. 7/24/2019.
Acts 1999, No. 648, § 5.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 2 - STATE REVENUES - RECEIPTS AND EXPENDITURES GENERALLY (§§ 19-2-101 — 19-2-509) › Subchapter 5 - CANCELED CHECKS (§§ 19-2-501 — 19-2-509) › Section 19-2-507 - Request of records by Legislative Auditor

(a)
Upon request by the Legislative Auditor, a financial institution shall provide a copy of a public entity's financial information directly to Arkansas Legislative Audit staff without delay or approval from the public entity.
(b)
The financial institutions may provide the digital transaction statements and digital canceled check images to Arkansas Legislative Audit in a media format allowed under the provisions of this subchapter for public entities or other media mutually agreed upon by the financial institution and Arkansas Legislative Audit.
(c)
No bank shall be liable for making available to Arkansas Legislative Audit staff any of the information required under the provisions of this subchapter.
(d)
Any cost associated with providing this information to Arkansas Legislative Audit shall be borne by the public entity being audited or investigated.
Acts 1999, No. 648, § 7.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 2 - STATE REVENUES - RECEIPTS AND EXPENDITURES GENERALLY (§§ 19-2-101 — 19-2-509) › Subchapter 5 - CANCELED CHECKS (§§ 19-2-501 — 19-2-509) › Section 19-2-509 - Effect on other laws

The provisions of this subchapter do not change, amend, or repeal any laws or rules regarding a financial institution's normal obligations and responsibilities to maintain customer financial records.
Amended by Act 2019, No. 315,§ 1702, eff. 7/24/2019.
Acts 1999, No. 648, § 9.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 1 - GENERAL PROVISIONS (§ 19-3-101) › Section 19-3-101 - [Repealed]

Repealed by Act 2013, No. 1088,§ 5, eff. 8/16/2013.
Acts 1955, No. 338, § 1; 1965, (1st Ex. Sess.), No. 12, § 12; A.S.A. 1947, § 13-401.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 4 - TEMPORARY LOANS TO LOCAL GOVERNMENTS (§§ 19-3-401 — 19-3-403) › Section 19-3-401 - Legislative intent

The General Assembly recognizes that legislation considered by the First Extraordinary Session of the Seventy-First General Assembly may remove the penalty requirements for failure to pay property taxes by installments and that this action may result in a reduction of property tax revenues available to cities, counties, and school districts, thereby imposing a financial hardship upon the cities, counties, and school districts during portions of their calendar or fiscal year. It is, therefore, the intent of this subchapter to authorize the State Board of Finance, in the manner provided in this subchapter, to make temporary loans to cities, counties, and school districts to assist in maintaining their average cash flow in the event there is a material reduction in their cash flow resulting from legislation enacted by the First Extraordinary Session of the Seventy-First General Assembly.
Acts 1977 (Ex. Sess.), No. 15, § 1; A.S.A. 1947, § 13-441.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 4 - TEMPORARY LOANS TO LOCAL GOVERNMENTS (§§ 19-3-401 — 19-3-403) › Section 19-3-402 - Procedure for obtaining and repaying loans

(a)
The State Board of Finance is authorized to make temporary loans to cities, counties, and school districts from average daily balances in the State Treasury available to the board for investment purposes. For any city, county, or school district to be eligible to receive temporary loans under the provisions of this subchapter, the city, county, or school district shall prepare a schedule from each of the five (5) preceding calendar or fiscal years. This schedule shall reflect the average monthly cash flow derived from property tax sources and the proportion of property taxes available during each month as they relate to the aggregate amount of property taxes collected and available to the city, county, or school district during the calendar or fiscal year, and the city, county, or school district shall average such monthly cash flow percentages for the five-year period.
(b)
If the board determines that the cash flow of the city, county, or school district has fallen below the monthly average percentage cash flow for property taxes available to the city, county, or school district for the prior five (5) fiscal years and that the current level of cash flow is not adequate to enable the city, county, or school district to maintain an adequate level of services, the board may make temporary loans to the city, county, or school district. These loans may be in an aggregate amount no greater than the difference between average monthly percentage cash flow of the city, county, or school district for the preceding five (5) years for such period and the actual percentage cash flow in the current tax year computed on the basis of taxes collected in relation to the estimated tax collections for the tax year.
(c)
(1)
All these loans shall be repaid to the board upon their maturity, which shall, in no event, be beyond the last day of the calendar year in which the loan is made.
(2)
In the event any city, county, or school district shall fail or refuse to pay any such loan in accordance with the repayment schedule agreed to by the board or as set forth in this section, the board shall certify this fact and the amount of the unpaid loan to the Treasurer of State. The Treasurer of State shall withhold it from the next moneys available for distribution to the city, county, or school district from state general revenues and shall transfer the amount from the County Aid Fund, the Municipal Aid Fund, or the Public School Fund, as the case may be, to the appropriate State Treasury account or source from which the loan was made.
Acts 1977 (Ex. Sess.), No. 15, § 2; A.S.A. 1947, § 13-442.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 4 - TEMPORARY LOANS TO LOCAL GOVERNMENTS (§§ 19-3-401 — 19-3-403) › Section 19-3-403 - Rules

The State Board of Finance may promulgate appropriate rules for the administration of this subchapter, including the establishment of the necessary forms and loan instruments to be used in connection with making loans under the provisions of this subchapter.
Amended by Act 2019, No. 315,§ 1703, eff. 7/24/2019.
Acts 1977 (Ex. Sess.), No. 15, § 3; A.S.A. 1947, § 13-443.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 19-3-501 - Title

This subchapter shall be known and may be cited as the "State Treasury Management Law".
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 19-3-503 - State Treasury accounts

The Treasurer of State may create and rename accounts to ensure the proper accounting and administration of the State Treasury.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 19-3-505 - Disposition of moneys received by Treasurer of State

(a)
(1)
The Treasurer of State shall issue receipts to depositors of moneys into the State Treasury.
(2)
On the day of receipt or as soon as practical, the moneys shall be credited to the appropriate fund as provided by law.
(b)
(1)
After credit to the appropriate funds, the moneys shall be:
(A)
Commingled with all other moneys in the State Treasury; and
(B)
Deposited into bank depositories to the credit of the account of the Treasurer of State or invested as prescribed in this subchapter.
(2)
This subsection does not prohibit the Treasurer of State from keeping cash of the State Treasury in the Treasurer of State's office in reasonable amounts necessary for the transaction of the day-to-day business of the office with persons and firms other than bank depositories.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2017, No. 263,§ 1, eff. 8/1/2017.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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
.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2019, No. 315,§ 1705, eff. 7/24/2019.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1; 2009, No. 251, § 5.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2017, No. 555,§ 4, eff. 7/1/2017.
Amended by Act 2016EX3, No. 1,§ 4, eff. 7/1/2016.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1; 2009, No. 251, §§ 7, 8.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 5 - STATE TREASURY MANAGEMENT LAW (§§ 19-3-501 — 19-3-523) › Section 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.
Added by Act 2017, No. 644,§ 2, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 6 - STATE TREASURY MONEY MANAGEMENT TRUST (§§ 19-3-601 — 19-3-606) › Section 19-3-601 - Title

This subchapter may be cited as the "State Treasury Money Management Trust Act".
Acts 1997, No. 1179, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 6 - STATE TREASURY MONEY MANAGEMENT TRUST (§§ 19-3-601 — 19-3-606) › Section 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.
Amended by Act 2017, No. 296,§ 1, eff. 2/28/2017.
Acts 1997, No. 1179, § 2.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 6 - STATE TREASURY MONEY MANAGEMENT TRUST (§§ 19-3-601 — 19-3-606) › Section 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.
Amended by Act 2019, No. 325,§ 3, eff. 3/6/2019.
Amended by Act 2017, No. 296,§ 1, eff. 2/28/2017.
Acts 1997, No. 1179, § 4.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 6 - STATE TREASURY MONEY MANAGEMENT TRUST (§§ 19-3-601 — 19-3-606) › Section 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.
Amended by Act 2017, No. 296,§ 1, eff. 2/28/2017.
Acts 1997, No. 1179, § 6.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 6 - STATE TREASURY MONEY MANAGEMENT TRUST (§§ 19-3-601 — 19-3-606) › Section 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.
Amended by Act 2019, No. 388,§ 1, eff. 7/24/2019.
Amended by Act 2017, No. 296,§ 1, eff. 2/28/2017.
Acts 1997, No. 1179, § 7.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 7 - STATE BOARD OF FINANCE (§§ 19-3-701 — 19-3-705) › Section 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;
(10)
One (1) member of the general public; and
(11)
(A)
The Insurance Commissioner.
(B)
The Insurance Commissioner shall be a voting member only for the purpose of voting on health benefit plans.
(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.
Amended by Act 2022, No. 114,§ 2, eff. 3/1/2022.
Amended by Act 2019, No. 910,§ 3447, eff. 7/1/2019.
Added by Act 2013, No. 1088,§ 1, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 7 - STATE BOARD OF FINANCE (§§ 19-3-701 — 19-3-705) › Section 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.
Added by Act 2013, No. 1088,§ 1, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 7 - STATE BOARD OF FINANCE (§§ 19-3-701 — 19-3-705) › Section 19-3-703 - Meetings - Quorum - Staff

(a)
(1)
Meetings of the State Board of Finance shall be held:
(A)
At least quarterly:
(i)
Upon the call of the Governor or by any three (3) or more members; and
(ii)
Upon advance notice to each member; and
(B)
At a place that is convenient for the board.
(2)
The meetings shall be conducted in accordance with the Freedom of Information Act of 1967, §
25-19-101
et seq., and complete records of the proceedings shall be kept.
(b)
(1)
Seven (7) members shall constitute a quorum for the transaction of business.
(2)
The affirmative vote of a majority of members present is required to adopt a motion or resolution.
(c)
The staff of an elected or appointed official of the board may provide any assistance requested by the board.
Added by Act 2013, No. 1088,§ 1, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 7 - STATE BOARD OF FINANCE (§§ 19-3-701 — 19-3-705) › Section 19-3-704 - Powers and duties

(a)
In addition to any other function, power, or duty imposed by law, the State Board of Finance shall establish, maintain, and enforce all policies and procedures concerning the management and investment of funds in the State Treasury and the State Treasury Money Management Trust, including without limitation:
(1)
Record keeping and reporting requirements that reflect:
(A)
Daily, monthly, and year-to-date balances of all funds, accounts, and groups of accounts within the State Treasury; and
(B)
The performance of all deposits and investments compared to the target rate of return established by the board;
(2)
A collateralization policy;
(3)
Eligibility requirements for a bank depository, an investment depository, a securities broker, and, before accepting an application to hire an investment consultant under subsection (c) of this section, an investment consultant;
(4)
An investment policy;
(5)
Liquidity requirements for the State Treasury; and
(6)
Qualifications, ethical standards, a conflict of interest policy, and criminal background check requirements that are no less stringent than the requirements of §
19-3-705
for all employees of the board or Treasurer of State who handle State Treasury funds or participate in decisions concerning the deposit or investment of State Treasury funds.
(b)
(1)
The board shall select the chief compliance officer within the Treasurer of State's office based upon nominations received from the Treasurer of State.
(2)
The chief compliance officer shall:
(A)
Be employed by the board;
(B)
Work with and at the direction of the Treasurer of State consistent with the policies and directives of the board; and
(C)
Serve at the pleasure of the board.
(c)
The board may hire an investment consultant to examine the investment policies and investment practices for the State Treasury and make recommendations to the board, including without limitation recommendations concerning:
(1)
An appropriate range for asset allocation;
(2)
A target rate of return;
(3)
The propriety of using money managers and, if desired, recommendations concerning money managers; and
(4)
Adjustments to improve investment policies, investment allocations, or investment returns.
(d)
The positions listed in subsections (b) and (c) of this section shall be funded by the appropriation for the Treasurer of State.
(e)
The board may make, amend, adopt, and enforce rules and policies to regulate board procedure and execute board functions.
(f)
The board shall supervise and administer the State and Public School Life and Health Insurance Program and carry out the duties set out under §§
25-1-404
and
25-1-405
.
Amended by Act 2021, No. 1004,§ 8, eff. 4/28/2021.
Amended by Act 2019, No. 882,§ 3, eff. 7/24/2019.
Amended by Act 2017, No. 296,§ 2, eff. 2/28/2017.
Added by Act 2013, No. 1088,§ 1, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 3 - STATE TREASURY MANAGEMENT (§§ 19-3-101 — 19-3-705) › Subchapter 7 - STATE BOARD OF FINANCE (§§ 19-3-701 — 19-3-705) › Section 19-3-705 - Employees - Qualifications, ethical standards, and background checks

(a)
An employee of the State Board of Finance or Treasurer of State listed in §
19-3-704(b)
or §
19-3-704(c)
or who handles State Treasury funds or participates in decisions or making recommendations concerning the deposit or investment of State Treasury funds:
(1)
Shall meet minimum standards of expertise and experience established by the board;
(2)
Shall not have a direct financial interest in a bank depository, investment depository, or securities broker; and
(3)
Shall file on or before January 31 with the board for the preceding calendar year the written statement of financial interest required by §
21-8-701(d)
.
(b)
(1)
(A)
The board shall obtain a state and federal criminal background check to be conducted by the Identification Bureau of the Department of Arkansas State Police and the Federal Bureau of Investigation for:
(i)
Each employee listed in §
19-3-704(b)
or §
19-3-704(c)
; and
(ii)
An employee or prospective employee of the board or Treasurer of State who handles or will handle State Treasury funds or participates or will participate in making decisions or recommendations concerning the deposit or investment of State Treasury funds.
(B)
The background check shall be obtained on or before:
(i)
September 1, 2013, for an existing employee; and
(ii)
The start of employment for a prospective employee.
(2)
The state and federal criminal background check shall conform to the applicable federal standards and shall include the taking of fingerprints.
(3)
The employee or prospective employee shall sign a consent to the release of information for the state and federal criminal background check.
(4)
The Treasurer of State shall be responsible for the payment of any fee associated with the state and federal criminal background check.
(5)
Upon completion of the state and federal criminal background check, the Identification Bureau of the Department of Arkansas State Police shall forward to the Chief Fiscal Officer of the State for review by the board all releasable information obtained concerning the employee or prospective employee.
(c)
The board or Treasurer of State shall not employ an individual who has:
(1)
Been convicted of a felony or a gambling offense in a state or federal court of the United States;
(2)
Been convicted of a crime involving moral turpitude;
(3)
Entered into a plea agreement to avoid felony prosecution;
(4)
Been or is currently subject to an administrative order by the State Bank Department or State Securities Department;
(5)
Failed without justification to file the statement of financial interest required by this section; or
(6)
A conflict of interest that violates the board's policy established under §
19-3-704
.
Added by Act 2013, No. 1088,§ 1, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 4 - STATE ACCOUNTING AND BUDGETARY PROCEDURES (§§ 19-4-101 — 19-4-2202) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-4-101 — 19-4-106) › Section 19-4-101 - Title

This chapter shall be referred to and may be cited as the "General Accounting and Budgetary Procedures Law".
Acts 1973, No. 876, § 1; A.S.A. 1947, § 13-327.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 4 - STATE ACCOUNTING AND BUDGETARY PROCEDURES (§§ 19-4-101 — 19-4-2202) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-4-101 — 19-4-106) › Section 19-4-103 - Penalty

With respect to all matters for which penalties have not otherwise been provided in this act, any person who shall knowingly violate any of the provisions of this act shall be guilty of a violation and upon conviction shall be fined in any amount not to exceed one thousand dollars ($1,000).
Acts 1973, No. 876, § 29; A.S.A. 1947, § 13-355; Acts 2005, No. 1994, § 102.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 4 - STATE ACCOUNTING AND BUDGETARY PROCEDURES (§§ 19-4-101 — 19-4-2202) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-4-101 — 19-4-106) › Section 19-4-104 - Rules

The Chief Fiscal Officer of the State is empowered to make, amend, and enforce such reasonable rules, not inconsistent with law, as he or she shall deem necessary and proper to effectively carry out the provisions of this chapter and the public policy as set forth in §
19-4-102
. Rules promulgated shall be published in an administrative procedures manual and distributed to the various state agencies.
Amended by Act 2019, No. 315,§ 1707, eff. 7/24/2019.
Acts 1973, No. 876, § 28; A.S.A. 1947, § 13-354.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 4 - STATE ACCOUNTING AND BUDGETARY PROCEDURES (§§ 19-4-101 — 19-4-2202) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-4-101 — 19-4-106) › Section 19-4-105 - [Repealed]

Repealed by Act 2021, No. 671,§ 1, eff. 7/28/2021.
Amended by Act 2019, No. 315,§ 1708, eff. 7/24/2019.
Amended by Act 2019, No. 298,§ 2, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 5259, eff. 7/1/2019.
Amended by Act 2015, No. 1283,§ 1, eff. 7/22/2015.
Acts 1973, No. 876, § 2; A.S.A. 1947, § 13-328; Acts 2001, No. 1083, § 1.
Arkansas Code of 1987 (2023) › Title 19 - PUBLIC FINANCE (§§ 19-1-201 — 19) › Chapter 4 - STATE ACCOUNTING AND BUDGETARY PROCEDURES (§§ 19-4-101 — 19-4-2202) › Subchapter 1 - GENERAL PROVISIONS (§§ 19-4-101 — 19-4-106) › Section 19-4-106 - Legislative staff consultation

The Department of Finance and Administration shall consult with the Legislative Auditor and the director of the budget function of the Bureau of Legislative Research throughout each stage of planning and implementation for any new statewide accounting system. This required consultation and involvement is to ensure that those capabilities to provide the required services to members and committees of the General Assembly are incorporated into the system.
Acts 1999, No. 973, § 2.