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14-121-309. Deposit of funds — Bond.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-121-309. Deposit of funds — Bond.
(a) If the commissioners deem best, they shall deposit the funds of the district in a solvent bank which will pay interest at not less than three percent (3%) nor exceeding four percent (4%) and shall give a good bond, conditioned that the funds shall be safely kept and paid out in accordance with the law.
(b) The order shall relieve the treasurer and his bondsmen from liability for loss of the funds through the insolvency of the bank and its bondsmen, and no commission shall be paid the treasurer on sums so deposited. The bank shall pay out the funds only on warrants drawn upon it as prescribed for funds in the hands of the treasurer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-121-309
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-121-309
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6c6c2817a2cdeabff12e5e34ed255035568533b4bb71970abe683b7abd677009
Source location: content.xml paragraph 30828
Stored source content
14-121-309. Deposit of funds — Bond.
(a) If the commissioners deem best, they shall deposit the funds of the district in a solvent bank which will pay interest at not less than three percent (3%) nor exceeding four percent (4%) and shall give a good bond, conditioned that the funds shall be safely kept and paid out in accordance with the law.
(b) The order shall relieve the treasurer and his bondsmen from liability for loss of the funds through the insolvency of the bank and its bondsmen, and no commission shall be paid the treasurer on sums so deposited. The bank shall pay out the funds only on warrants drawn upon it as prescribed for funds in the hands of the treasurer.
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