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19-1-505. Additional authority of certain cities.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-1-505. Additional authority of certain cities.
(a)(1) A city that has real property assessed valuation in excess of three hundred million dollars ($300,000,000) may invest the city's funds in securities under § 23-47-401 and according to the investment policy adopted by the governing body of the city.
(2) The investment policy adopted by the city's governing body may authorize a maturity term exceeding the term stated in § 19-1-504(a)(1)(A).
(b)(1) Each investment shall be made with the judgment and care under prevailing circumstances that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation but for investment, considering the probable safety of the capital and the probable income to be derived.
(2) Investment of funds shall be governed by the following investment objectives in order of priority:
(A) Preservation and safety of the principal;
(B) Liquidity; and
(C) Yield.
(c) In determining whether an investment officer has exercised prudence with respect to an investment decision, the determination shall be made taking into consideration:
(1) The investment of city funds and funds under the officer's control and over which the officer had responsibility, rather than a consideration as to the prudence of a single investment; and
(2) Whether the investment decision is consistent with the written investment policy of the city.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-1-505
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:19-1-505
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fd334bee23c750aa8726a76beaae2e89a6d0800ae343f39b6600ab7a218f83aa
Source location: content.xml paragraph 414
Stored source content
19-1-505. Additional authority of certain cities.
(a)(1) A city that has real property assessed valuation in excess of three hundred million dollars ($300,000,000) may invest the city's funds in securities under § 23-47-401 and according to the investment policy adopted by the governing body of the city.
(2) The investment policy adopted by the city's governing body may authorize a maturity term exceeding the term stated in § 19-1-504(a)(1)(A).
(b)(1) Each investment shall be made with the judgment and care under prevailing circumstances that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation but for investment, considering the probable safety of the capital and the probable income to be derived.
(2) Investment of funds shall be governed by the following investment objectives in order of priority:
(A) Preservation and safety of the principal;
(B) Liquidity; and
(C) Yield.
(c) In determining whether an investment officer has exercised prudence with respect to an investment decision, the determination shall be made taking into consideration:
(1) The investment of city funds and funds under the officer's control and over which the officer had responsibility, rather than a consideration as to the prudence of a single investment; and
(2) Whether the investment decision is consistent with the written investment policy of the city.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-1-504. Investments permitted.
(a)(1) With the approval of the county or municipal depository board, a treasurer may convert any funds in the treasurer's possession or under the treasurer's control and not presently needed for other purposes into one (1) or more of the following investments:
(A) Eligible investment securities having a maturity of not longer than five (5) years from the date of acquisition unless, as documented at the time of acquisition, the investment is to fund or support a specific purpose and there are no expectations that the investment will be sold before maturity;
(B) An Arkansas bank certificate of deposit or a certificate of deposit authorized under § 19-8-111;
(C) An account established by a local government joint investment trust authorized under the Local Government Joint Investment Trust Act, § 19-8-301 et seq.; or
(D) An Arkansas financial institution repurchase agreement for eligible investment securities in which the seller agrees to repurchase the investment at a price including interest earned during the holding period as determined by the repurchase agreement.
(2) The following entities may convert funds that are in the possession of the entity or under the control of the entity and that are not presently needed for other purposes into an investment listed in subdivision (a)(1) of this section:
(A) A county board or commission;
(B) A municipal board or commission, including without limitation a board of trustees of a policemen's pension and relief fund, a board of trustees of a firemen's relief and pension fund, a waterworks commission, and a sewer committee; and
(C) A drainage district, levee district, and improvement district, including without limitation a waterworks district, electric light district, municipal
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-1-504
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 19-1-504. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-47-401. Investment powers and limitations.
(a) A state bank may invest its funds without limitation in the following:
(1) Direct obligations of the United States Government;
(2) Obligations of agencies and instrumentalities created by act of Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government;
(3) Obligations the principal and interest of which are fully guaranteed by the United States Government or an agency or an instrumentality created by an act of Congress and authorized thereby to issue such a guarantee;
(4) Obligations the principal and interest of which are fully secured, insured, or covered by commitments or agreements to purchase by the United States Government or an agency or instrumentality created by an act of Congress and authorized thereby to issue such commitments or agreements;
(5) General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories, or insular possessions thereof;
(6) Obligations issued by the State Board of Education under authority of the Arkansas Constitution or applicable statutes;
(7) Warrants of political subdivisions of the State of Arkansas and municipalities thereof having maturities not exceeding one (1) year;
(8) Prerefunded municipal bonds, the principal and interest of which are fully secured by the principal and interest of a direct obligation of the United States Government;
(9) The sale of federal funds with a maturity of not more than one (1) business day;
(10) Demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia, provided
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-401
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 23-47-401. This identifies an authority to review, not proof of applicability.