State Codes and Statutes
Statutes > Arkansas > Title-19 > Chapter-1 > Subchapter-5 > 19-1-50419-1-504. Investments permitted.
(a) (1) (A) With the approval of the county depository board, a county treasurer may convert any funds in his or her possession or under his or her control and not presently needed for other purposes into:
(i) Bonds of the United States of America, as defined in 19-1-501;
(ii) Arkansas bank certificates of deposit; or
(iii) Arkansas financial institution repurchase agreements, defined as the purchase of permitted government securities as an obligation in which the seller agrees to repurchase at face value plus interest as determined in the repurchase agreement.
(B) All of the following may convert funds in their possession or under their control and not presently needed for other purposes into bonds of the United States of America:
(i) County boards and commissions of every kind;
(ii) With the approval of the governing body, cities of the first class, cities of the second class, and incorporated towns, and the treasurers and collectors of cities of the first class, cities of the second class, and incorporated towns;
(iii) Municipal boards and commissions of every kind, including, but without limitation, boards of trustees of policemen's pension and relief funds, boards of trustees of firemen's relief and pension funds, waterworks commissions, and sewer committees; and
(iv) Drainage districts, levee districts, road improvement districts, waterworks districts, electric light districts, municipal improvement districts, and suburban improvement districts.
(2) The provisions of this subsection shall not apply to funds of a school district.
(b) (1) Unless otherwise provided by a signed written agreement between the school district or districts and the county treasurer, funds of a school district shall be invested by the:
(A) School district treasurer when the school district has a treasurer; or
(B) County treasurer when the school district does not have a treasurer.
(2) To the extent directed by the board of directors of the school district, these investments shall be in:
(A) General obligation bonds of the United States;
(B) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government;
(C) General obligation bonds of the State of Arkansas; or
(D) Bank certificates of deposit.
(c) A school district may invest moneys held for the repayment of a federally recognized Qualified Zone Academy Bond under 26 U.S.C. 1397E, as it existed on January 1, 2005, in a guaranteed investment contract or forward delivery agreement in which the school district is guaranteed a certain rate of interest on its investment if the guaranteed investment contract or the forward delivery agreement is entered into between the school district and the purchaser of the Qualified Zone Academy Bond.
