Title 19 — Public Finance
34 chapters · 998 sections in this title.
Ark. Code Ann. § 19-5-101 Definitions
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(1) As used in this subchapter:(1) “Bank” or “banking institution” means a 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 t…
Ark. Code Ann. § 19-5-102 Legal funds
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The legal funds referred to in §§ 19-5-101 — 19-5-107 as being eligible for deposit in depositories shall include funds that may come into the hands of treasurers, collectors, commissioners, sheriffs, clerks, and receivers by reason of their official capacities as commissioners.
Ark. Code Ann. § 19-5-103 Penalties
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(a) (1) 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 an officer of a bank to accept for deposit more public funds in the aggregate than that amount designated by this section, § 19-5-101, § 19-5-102, and…
Ark. Code Ann. § 19-5-104 Investment of public funds
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(a) Except as provided in subsection (b) of this section, all public funds 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-…
Ark. Code Ann. § 19-5-105 Annual list of eligible banks
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(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 …
Ark. Code Ann. § 19-5-106 Depository boards
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(a) (1) (A) The quorum court of each county shall by ordinance establish a county depository board.(B) The county depository board shall be composed of the county judge, the county treasurer and county collector, or the sheriff when acting as ex officio tax collector, or those of…
Ark. Code Ann. § 19-5-107 Depository agreements
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(a) (1) After the receipt from the Bank Commissioner of the list of banks or banking institutions eligible for public deposits, the depository boards shall:(A) Designate the banks or banking institutions into which the funds shall be deposited; and(B) With each bank or banking in…
Ark. Code Ann. § 19-5-108 Mortgages and securities as security
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When securities must be furnished by a depository in the State of Arkansas as security for the deposit of funds, or when securities must be deposited with an official of the State of Arkansas under a statute of this state, mortgages insured and debentures issued by the Federal Ho…
Ark. Code Ann. § 19-5-109 Housing agency bonds as security
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All banks that 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 ac…
Ark. Code Ann. § 19-5-110 Farm credit obligations as security
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It is lawful for a person, firm, or corporation required by law to maintain a cash deposit as public security, or in lieu of a cash deposit 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 th…
Ark. Code Ann. § 19-5-111 Additional authority for investment of public funds — Definition
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(a) Notwithstanding any law to the contrary, including §§ 19-5-103 and 19-5-105, the state or local government and any trusts established under the Local Government Joint Investment Trust Act, § 14-79-101 et seq., may invest public funds through an eligible bank under § 19-5-105 …
Ark. Code Ann. § 19-5-201 Legislative intent and construction
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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 that may be accepted. The types of securitie…
Ark. Code Ann. § 19-5-202 Definition
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(1) As used in this subchapter, “public funds” means without limitation funds of:(1) The State of Arkansas, or any agency, department, board, commission, or instrumentality thereof;(2) A political subdivision of the State of Arkansas, or an agency thereof;(3) A school board or sc…
Ark. Code Ann. § 19-5-203 Eligible security for deposits
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(a) When a depository in the State of Arkansas must furnish security for the deposit of any public funds pursuant to Arkansas law or when security must be granted to a public official in connection with public funds, the following shall be considered as eligible security for such…