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14-334-115. Accounting for receipts and expenditures.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-334-115. Accounting for receipts and expenditures.
(a) All funds received by an authority shall be deposited in such banks as the authority may direct and shall be withdrawn therefrom in such manner as the authority may direct.
(b)(1)(A) Each authority shall keep a strict account of all its receipts and expenditures and shall, each quarter, make a quarterly report to the counties and municipalities which have made contributions.
(B) The report shall contain an itemized account of its receipts and disbursements during the preceding quarter.
(2) The report shall be made within sixty (60) days after the termination of the quarter.
(c) Within sixty (60) days after the end of each fiscal year, each authority shall cause an annual audit to be made by an independent certified public accountant. It shall file a copy of the resulting audit report, containing an itemized statement of its receipts and disbursements for the preceding year, with each of the governing bodies participating in the authority.
(d) The books, records, and accounts of each authority shall be subject to audit and examination by any proper public official or body in the manner provided by law.
(e) The agreement provided for in § 14-334-103 may also provide for each authority to furnish the participating governing bodies copies of its annual budget for examination and approval.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-334-115
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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Stable record: arkansas_code:legal_authorities:14-334-115
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3fcf4077fe951bf5ce1947f202c29cc9e52e29a1bded9c76be39a3d968462b6a
Source location: content.xml paragraph 57726
Stored source content
14-334-115. Accounting for receipts and expenditures.
(a) All funds received by an authority shall be deposited in such banks as the authority may direct and shall be withdrawn therefrom in such manner as the authority may direct.
(b)(1)(A) Each authority shall keep a strict account of all its receipts and expenditures and shall, each quarter, make a quarterly report to the counties and municipalities which have made contributions.
(B) The report shall contain an itemized account of its receipts and disbursements during the preceding quarter.
(2) The report shall be made within sixty (60) days after the termination of the quarter.
(c) Within sixty (60) days after the end of each fiscal year, each authority shall cause an annual audit to be made by an independent certified public accountant. It shall file a copy of the resulting audit report, containing an itemized statement of its receipts and disbursements for the preceding year, with each of the governing bodies participating in the authority.
(d) The books, records, and accounts of each authority shall be subject to audit and examination by any proper public official or body in the manner provided by law.
(e) The agreement provided for in § 14-334-103 may also provide for each authority to furnish the participating governing bodies copies of its annual budget for examination and approval.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-334-103. Creation of authorities.
(a) Any combination of two (2) or more entities as defined in § 14-334-102(4), or portions of those entities, are authorized to create and establish one (1) or more authorities for the purpose of acquiring, owning, equipping, leasing, maintaining, licensing, and operating a public transit system.
(b) No entity shall participate in such an authority unless and until its governing body so provides and enters into an agreement with the other participating entities. This agreement shall establish the terms and conditions for the operation of the authority within the limitations provided in this chapter and such other laws of the State of Arkansas which may be applicable.
(c) To the extent that it is consistent with this chapter, the agreement shall specify the information provided for in § 25-20-104(c) of the Interlocal Cooperation Act, § 25-20-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-334-103
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. The source passage cites 14-334-103. This identifies an authority to review, not proof of applicability.