Title 19 — Public Finance

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 ta…

(a) (1) The State Board of Finance may make temporary loans to cities, counties, and school districts from average daily balances in the State Treasury available to the board for investment purposes.(2) (A) For a city, county, or school district to be eligible to receive temporar…

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 this subchapter.

This subchapter shall be known and may be cited as the “State Treasury Management Law”.

(1) As used in this subchapter:(1) “Bank” means:(A) A state bank, a national bank, or an out-of-state state-chartered bank that has received a certificate of authority under § 23-48-1001; and(B) A foreign bank organized under the laws of a territory of the United States, Puerto R…

The Treasurer of State may create and rename accounts to ensure the proper accounting and administration of the State Treasury.

(a) (1) (A) The State Board of Finance shall:(i) Establish the record-keeping requirements of the Treasurer of State for the State Treasury; and(ii) Require that:(a) The liability accounts of the State Treasury be recorded in amounts and sufficient detail to allow the identificat…

(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. (1) The Treasurer of State shall issue receipts to depos…

(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 disp…

(a) Subject to the conditions and limitations provided in §§ 19-3-308 — 19-3-317, 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 …

(a) The Treasurer of State shall not deposit State Treasury funds into an institution that is not eligible to be a bank depository under § 19-3-307 unless deposits in the institution are required to be made by other law or by resolution of a state board or commission duly adopted…

(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 S…

(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 § 19-3-312, the Treasurer of State may establish accounts as demand deposit accounts, c…

(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 Tre…

(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 Investme…

(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…

(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 th…

(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 …

(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…

The deposit of State Treasury funds in accordance with §§ 19-3-307 — 19-3-317 relieves the Treasurer of State and the surety on the bond of the Treasurer of State of liability for the loss of the funds by reason of the default or insolvency of a bank depository.

(a) (1) Trust fund accounts in the State Treasury may be invested in:(A) Certificates of deposit of banks and savings and loan associations; and(B) Securities eligible under other law.(2) (A) The administrator of a trust fund account shall review, from time to time, the flow of m…

(a) The policy of the State Board of Finance to set aside an amount to be invested in certificates of deposit that mature no sooner than one hundred eighty (180) days shall be known as the “State Treasury Certificate of Deposit Investment Program”. (b) The following institutions …

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 § 19-3-318(b) when the c…

(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 acco…

(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…

(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 b…

This subchapter shall be known and may be cited as the “State Treasury Money Management Trust Act”.

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.

(1) 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;…

(a) The investment policy and all other policies, documents, rules, and procedures established or approved by the State Board of Finance under § 19-3-501 et seq. apply to the administration of this subchapter by the Treasurer of State. (b) The Treasurer of State may invest or dep…

(a) The Treasurer of State shall apply the prudent investor rule while serving in a fiduciary capacity for State Treasury Money Management Trust participants. (b) The prudent investor rule means that in making investments, the fiduciaries shall exercise the judgment and care unde…

(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 collaterali…

(a) The State Board of Finance is created. (b) The board shall be composed of the following members:(1) The Governor or his or her designee;(2) The Treasurer of State;(3) The Auditor of State;(4) The Bank Commissioner;(5) The Secretary of the Department of Finance and Administrat…

(1) As used in this subchapter:(1) “Bank depository”, “investment depository”, “securities broker”, and “State Treasury” have the meanings provided in § 19-3-302; and(2) (A) “Direct financial interest” means the direct compensation or other remuneration to a person or a family me…

(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 cond…

(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 Trus…

(a) An employee of the State Board of Finance or Treasurer of State listed in § 19-3-504(b) or § 19-3-504(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 mini…

(a) With the approval of the State Board of Finance under this section and notwithstanding § 23-63-1625, the Treasurer of State may establish, and the Secretary of the Department of Shared Administrative Services shall maintain, a captive insurance company as defined in § 23-63-1…