Browse Arkansas Code titles and sections
19-3-521. Securities Reserve Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-521. Securities Reserve Fund.
(a)(1) In addition to the purposes for which the Securities Reserve Fund may be used under this subchapter, the Securities Reserve Fund shall be used to absorb any losses in:
(A) Securities held in the Securities Account in the State Treasury; and
(B) The Treasurer of State's account in bank depositories.
(2)(A) The balance in the Securities Reserve Fund shall always be available to absorb the losses stated in subdivision (a)(1) of this section.
(B) However, moneys in the Securities Reserve Fund in excess of one hundred thousand dollars ($100,000) shall be available at all times to the Chief Fiscal Officer of the State as authorized by § 19-5-905, there to be used as provided by law.
(b)(1) If a loss is sustained in relation to securities held at any time in the Securities Account or in the Treasurer of State's account in any bank depository and the credit balance in the Securities Reserve Fund is insufficient to absorb the loss, the Chief Fiscal Officer of the State shall transfer moneys from the Budget Stabilization Trust Fund to the Securities Reserve Fund of an amount that, when added to the credit balance in the Securities Reserve Fund, equals the amount of the loss.
(2) It is the intent of the General Assembly that a loss shall not be sustained by an account used to make an investment or deposit.
(c)(1) On a quarterly basis, interest earned on federal funds received under the State and Local Fiscal Assistance Act of 1972, 31 U.S.C. § 6701 et seq., shall be transferred at the direction of the Chief Fiscal Officer of the State from the Securities Reserve Fund to the federal funds established for the purpose of holding these moneys in trust.
(2) Interest to be transferred shall be a pro rata share of total earned i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-521
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:19-3-521
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c4b08bd463692b707c9361563b5ebfecddf3a67d39da54903f69fc1c23393ec9
Source location: content.xml paragraph 1420
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19-3-521. Securities Reserve Fund.
(a)(1) In addition to the purposes for which the Securities Reserve Fund may be used under this subchapter, the Securities Reserve Fund shall be used to absorb any losses in:
(A) Securities held in the Securities Account in the State Treasury; and
(B) The Treasurer of State's account in bank depositories.
(2)(A) The balance in the Securities Reserve Fund shall always be available to absorb the losses stated in subdivision (a)(1) of this section.
(B) However, moneys in the Securities Reserve Fund in excess of one hundred thousand dollars ($100,000) shall be available at all times to the Chief Fiscal Officer of the State as authorized by § 19-5-905, there to be used as provided by law.
(b)(1) If a loss is sustained in relation to securities held at any time in the Securities Account or in the Treasurer of State's account in any bank depository and the credit balance in the Securities Reserve Fund is insufficient to absorb the loss, the Chief Fiscal Officer of the State shall transfer moneys from the Budget Stabilization Trust Fund to the Securities Reserve Fund of an amount that, when added to the credit balance in the Securities Reserve Fund, equals the amount of the loss.
(2) It is the intent of the General Assembly that a loss shall not be sustained by an account used to make an investment or deposit.
(c)(1) On a quarterly basis, interest earned on federal funds received under the State and Local Fiscal Assistance Act of 1972, 31 U.S.C. § 6701 et seq., shall be transferred at the direction of the Chief Fiscal Officer of the State from the Securities Reserve Fund to the federal funds established for the purpose of holding these moneys in trust.
(2) Interest to be transferred shall be a pro rata share of total earned interest based on the proportion of the balances of the total federal funds established for the purpose of holding the State and Local Fiscal Assistance Act of 1972, 31 U.S.C. § 6701 et seq., moneys in trust to the balances of all investments of the State Treasury.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Payment and Use.—**
(1) **Payment.—** — The Secretary shall pay to each unit of general local government which qualifies for a payment under this chapter an amount equal to the sum of any amounts allocated to the government under this chapter for each payment period. The Secretary shall pay such amount out of the Local Government Fiscal Assistance Fund under section 6702.
(2) **Use.—** — Amounts paid to a unit of general local government under this section shall be used by that unit for carrying out one or more programs of the unit related to—
(A) education to prevent crime;
(B) substance abuse treatment to prevent crime; or
(C) job programs to prevent crime.
(3) **Coordination.—** — Programs funded under this title shall be coordinated with other existing Federal programs to meet the overall needs of communities that benefit from funds received under this section.
**(b) Timing of Payments.—** The Secretary shall pay each amount allocated under this chapter to a unit of general local government for a payment period by the later of 90 days after the date the amount is available or the first day of the payment period provided that the unit of general local government has provided the Secretary with the assurances required by section 6703(d).
**(c) Adjustments.—**
(1) **In general.—** — Subject to paragraph (2), the Secretary shall adjust a payment under this chapter to a unit of general local government to the extent that a prior payment to the government was more or less than the amount required to be paid.
(2) **Considerations.—** — The Secretary may increase or decrease under this subsection a payment to a unit of local government only if the Secretary determines the need for the increase or decrease, or the unit requests the increase or decrease,
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 6701
Stored review status: release_metadata_unconfirmed. The source passage cites 31 U.S.C. § 6701. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 536
TITLE 31—MONEY AND FINANCE
§ 6701
(A) the extent to which—
(i) the program conflicts with or dupli-
cates other grant programs; and
(ii) more effective, efficient, economical,
and uniform administration of the program
may be achieved by changing the require-
ments and procedures applicable to it; and
(B) budgetary, accounting, reporting, and
administrative procedures of the program.
(2) The Comptroller General shall submit to
Congress a report on a study made under this
subsection and any recommendations. To the ex-
tent practicable, a report on an expiring pro-
gram shall be submitted in the year before the
year in which a program ends.
(b)(1) When requested by a committee of Con-
gress having jurisdiction over a grant program,
the Advisory Commission on Intergovernmental
Relations shall study the intergovernmental re-
lations aspects of the program, including—
(A) the impact of the program on the struc-
tural organization of States and local govern-
ments and on Federal-State-local fiscal rela-
tions; and
(B) the coordination of administration of the
program by the United States Government and
State and local governments.
(2) The Commission shall submit to the com-
mittee requesting the study and to Congress a
report and any recommendations.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1010.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
6508(a) .....
42:4242.
Oct. 16, 1968, Pub. L. 90–577,
§§ 602, 603, 82 Stat. 1107.
6508(b) .....
42:4243.
In the section, the words ‘‘of Congress’’ are added for
clarity. The words ‘‘grant program’’ are substituted for
‘‘grant-in-aid program’’ for consistency in the chapter.
In subsection (a)(1), before clause (A), the words ‘‘The
study shall include a revi
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 6701
Stored review status: historical_2024_not_currentness_verified. The source passage cites 31 U.S.C. § 6701. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-905. Securities Reserve Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Securities Reserve Fund”. The Securities Reserve Fund shall consist of moneys derived from savings effected in the retirement in advance of maturity of nonhighway direct general obligation bonds of the state, of discounts received in the purchase of securities, and of premiums and interest derived from the sale of securities held in the Securities Account by the Treasurer of State as custodian. The Securities Reserve Fund shall be used as follows:
(1) To pay premiums and the purchase and absorbing of discounts in the sale of securities held in the Securities Account, not to exceed five hundred thousand dollars ($500,000) in any one (1) fiscal year;
(2) To guarantee bonds in an aggregate principal amount not to exceed five million dollars ($5,000,000) outstanding at any time, with no bond bearing interest at a rate exceeding eight percent (8%) per annum, of the Museum and Cultural Commission Fund authorized, and in the manner prescribed in the Arkansas Museum and Cultural Center Act, § 13-5-301 et seq., not to exceed five hundred thousand dollars ($500,000) in any one (1) fiscal year;
(3) To guarantee bonds of any other park or recreation facility approved by the Governor and the Department of Parks, Heritage, and Tourism, not to exceed five hundred thousand dollars ($500,000) in the aggregate, after seeking advice of the Legislative Council and the Legislative Joint Auditing Committee;
(4) To guarantee industrial development bonds as authorized by §§ 15-4-702 — 15-4-710;
(5) To absorb losses incurred in the investing of securities held in the Securities Account in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-905
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 19-5-905. This identifies an authority to review, not proof of applicability.