19-3-520. Minimum balance to be maintained.

Arkansas Code — all titles (historical 2020) · legal_authorities

19-3-520. Minimum balance to be maintained. Since it is the intent of the General Assembly that the State Treasury have sufficient cash available at all times to redeem all state warrants presented for payment, the State Board of Finance shall immediately sell securities in the manner prescribed in § 19-3-518(b) when the cash balance maintained on demand deposit in bank depositories falls below the amount necessary to meet operating requirements, excluding trust funds.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-520

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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Arkansas Code — all titles (historical 2020) · legal_authorities

19-3-518. Investments in securities and bank certificates of deposit.

19-3-518. Investments in securities and bank certificates of deposit. (a)(1) Trust fund accounts in the State Treasury may be invested in: (A) Certificates of deposit of banks and savings and loan associations; and (B) Securities eligible under other law. (2)(A) The administrator of a trust fund account shall review, from time to time, the flow of moneys through the trust fund account in the State Treasury to determine the estimated surplus moneys in the trust fund account that exceed the immediate requirements of the trust fund account. (B)(i)(a) After taking into consideration the amount of the estimated surplus moneys under subdivision (a)(2)(A) of this section, the administrator shall certify to the Treasurer of State the amount of surplus moneys and the period of time during which the surplus moneys are not required. (b) The Treasurer of State shall invest the amount certified in certificates of deposit issued by eligible banks and savings and loan associations. (c) If the Treasurer of State is unable to place the certified amount in certificates of deposit, then the remainder may be placed in securities with the administrator's approval. (ii)(a) Moneys required for a purchase under this subdivision (a)(2)(B) shall be withdrawn from the Cash Account and paid to the bank depository issuing the certificate of deposit or the investment depository selling the securities. (b)(1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account. (2) The principal amount of a security shall be debited to the Trust Investment Account. (iii) The certificates of deposit shall be secured by the Treasurer of State in accordance with the collateralization and investment policies of the State Board of Finance. (iv)(a) Intere

Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-518

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 19-3-518. This identifies an authority to review, not proof of applicability.