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14-86-1802. Deposit requirements.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-86-1802. Deposit requirements.
(a)(1) All commissioners, treasurers, and other officers of all road, drainage, levee, bridge, street, sewer, paving, and all other improvement districts of this state, both rural and urban, having in their charge the moneys and funds of the districts, shall, before depositing them in any bank, trust company, savings association, or with any other person or company, require of the depository a good and sufficient bond signed by some surety company authorized to do business in the State of Arkansas, conditioned for the apt and full and complete payment of all funds so deposited, together with interest thereon.
(2) The commissioners may decrease the amount of the bond by an amount not to exceed the amount of funds deposited which are fully insured by the Federal Deposit Insurance Corporation.
(b) The depository may, in lieu of the bond, deposit United States bonds or notes of the State of Arkansas, or the bonds of any legally organized school, levee, drainage, or other improvement district of the State of Arkansas, which bonds and all proceedings concerning the issuing of them have been approved as collateral security by some reputable attorney who is recognized by the bond buyers of the United States as such. The bonds shall be deposited in escrow with some bank other than the depository of the funds of the district to be delivered to the district only on failure of the depository of the funds to repay the funds to the district or to pay them on the order of the district.
(c) The premium for the bond may be paid out of the funds so deposited or may be paid by the depository, it being intended that it shall be discretionary with the commissioners of the district in the matter of the payment of the premiums on the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-86-1802
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:14-86-1802
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 43702f94bb60f3684b3a136b5340cd9356c8387201e849ff78a3f56ac04bc5d7
Source location: content.xml paragraph 21541
Stored source content
14-86-1802. Deposit requirements.
(a)(1) All commissioners, treasurers, and other officers of all road, drainage, levee, bridge, street, sewer, paving, and all other improvement districts of this state, both rural and urban, having in their charge the moneys and funds of the districts, shall, before depositing them in any bank, trust company, savings association, or with any other person or company, require of the depository a good and sufficient bond signed by some surety company authorized to do business in the State of Arkansas, conditioned for the apt and full and complete payment of all funds so deposited, together with interest thereon.
(2) The commissioners may decrease the amount of the bond by an amount not to exceed the amount of funds deposited which are fully insured by the Federal Deposit Insurance Corporation.
(b) The depository may, in lieu of the bond, deposit United States bonds or notes of the State of Arkansas, or the bonds of any legally organized school, levee, drainage, or other improvement district of the State of Arkansas, which bonds and all proceedings concerning the issuing of them have been approved as collateral security by some reputable attorney who is recognized by the bond buyers of the United States as such. The bonds shall be deposited in escrow with some bank other than the depository of the funds of the district to be delivered to the district only on failure of the depository of the funds to repay the funds to the district or to pay them on the order of the district.
(c) The premium for the bond may be paid out of the funds so deposited or may be paid by the depository, it being intended that it shall be discretionary with the commissioners of the district in the matter of the payment of the premiums on the bonds.
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