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Ark. Code Ann. § 19-8-104

Investment of public 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.

(1) 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.

(2) 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: The school district is designated as an isolated school district under §§ 6-20-601 and 6-20-602;

(3) The school district lies on the borders of the state line;

(4) The nearest Arkansas bank is located at least eighteen (18) miles from the administrative offices of the district;

(5) The administrative offices of the district are located within six (6) miles from an out-of-state bank; and

(6) The out-of-state bank meets all other requirements concerning collateralization of state funds.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.