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192 chapters · 4,300 sections in this title.
Ark. Code Ann. § 14-73-101 Definitions
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(1) As used in this chapter, unless the context otherwise requires:(1) “Local government” means any:(A) City of the first or second class;(B) Incorporated town;(C) County;(D) School district;(E) Improvement district; or(F) Board, agency, or commission of the governments set out i…
Ark. Code Ann. § 14-73-102 Authority to establish reserve for improvements
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(a) Any local government desiring to own, acquire, construct, reconstruct, remodel, equip, extend, operate, maintain, or otherwise provide improvements may establish a reserve for those improvements so that the costs thereof may be accumulated out of revenues from year to year. (…
Ark. Code Ann. § 14-73-103 Trust agreement
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(a) The reserve fund shall be established by written agreement with a trustee independent from the local government. The trust agreement shall contain:(1) A description of the improvements for which the reserve is established;(2) A covenant that the reserve funds will not be used…
Ark. Code Ann. § 14-73-104 Payment of funds into reserve
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After the execution of the trust agreement, the local government may, during the fiscal year in which the agreement is executed and in subsequent fiscal years, appropriate, pay, or disburse the funds into the reserve as the governing body may determine during those fiscal years.