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19-3-604. Fund provisions.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-604. Fund provisions.
(a) The investment policy and all other policies, documents, rules, and procedures established or approved by the State Board of Finance under § 19-3-701 et seq. apply to the administration of this subchapter by the Treasurer of State.
(b) The Treasurer of State may invest or deposit funds in the State Treasury Money Management Trust as authorized in § 19-3-518.
(c)(1) Moneys deposited into the State Treasury Money Management Trust by participants other than the State Treasury are not and shall not become part of State Treasury funds.
(2) The State Treasury Money Management Trust shall operate as a segregated account for custodial, depository, and accounting purposes.
(3)(A) A participant may deposit at will into and, up to the balance of the participant's account, obtain moneys upon demand from the State Treasury Money Management Trust.
(B) A demand for funds by a participant under this subdivision (c)(3) shall be made by notice as prescribed by the board.
(d) Each participant who elects to deposit money into the State Treasury Money Management Trust shall provide the account information required by the board, including without limitation the identity of any person authorized to conduct transactions on behalf of the participant.
(e) Any loss of principal or interest realized as the result of a participant's demand for withdrawal of funds shall be incurred by the participant requesting the withdrawal and deducted on the day the withdrawal is made.
(f)(1) The Treasurer of State may:
(A) Assess reasonable charges against the account of a participant in the State Treasury Money Management Trust for reimbursement of administration and operational expenses; and
(B) Charge a reasonable fee for managing the State Treasury Money
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-604
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:19-3-604
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1e8dca74d6ba187436136f5a84f8b3760fb919259f36d8249ec14f95c5e8b06a
Source location: content.xml paragraph 1497
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19-3-604. Fund provisions.
(a) The investment policy and all other policies, documents, rules, and procedures established or approved by the State Board of Finance under § 19-3-701 et seq. apply to the administration of this subchapter by the Treasurer of State.
(b) The Treasurer of State may invest or deposit funds in the State Treasury Money Management Trust as authorized in § 19-3-518.
(c)(1) Moneys deposited into the State Treasury Money Management Trust by participants other than the State Treasury are not and shall not become part of State Treasury funds.
(2) The State Treasury Money Management Trust shall operate as a segregated account for custodial, depository, and accounting purposes.
(3)(A) A participant may deposit at will into and, up to the balance of the participant's account, obtain moneys upon demand from the State Treasury Money Management Trust.
(B) A demand for funds by a participant under this subdivision (c)(3) shall be made by notice as prescribed by the board.
(d) Each participant who elects to deposit money into the State Treasury Money Management Trust shall provide the account information required by the board, including without limitation the identity of any person authorized to conduct transactions on behalf of the participant.
(e) Any loss of principal or interest realized as the result of a participant's demand for withdrawal of funds shall be incurred by the participant requesting the withdrawal and deducted on the day the withdrawal is made.
(f)(1) The Treasurer of State may:
(A) Assess reasonable charges against the account of a participant in the State Treasury Money Management Trust for reimbursement of administration and operational expenses; and
(B) Charge a reasonable fee for managing the State Treasury Money Management Trust.
(2) The board shall set any charge or fee imposed under this subsection.
(3) Charges and fees received under this subsection shall be deposited into the State Treasury in a fund for the benefit of the Treasurer of State.
(g) All interest and earnings received on the money of the State Treasury Money Management Trust shall be credited to the State Treasury Money Management Trust for distribution to the participants of the State Treasury Money Management Trust after any charges or fees due under subsection (f) of this section are deducted.
(h) After deducting any charges or fees due under subsection (f) of this section, on the second business day that the State Treasury is open after the twenty-fifth day of the month, the Treasurer of State shall distribute the monthly earnings of the State Treasury Money Management Trust during the preceding month.
(i) The board shall establish the method of computing a participant's rate of return, earnings, charges, fees, and expenses to determine the distribution for each participant.
(j) The monthly sum of a participant's daily earnings, after deducting administrative charges and fees under subsection (f) of this section, shall be credited to the participant's account and reinvested, unless otherwise instructed by the participant, on the distribution date stated in subsection (h) of this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-701. State Board of Finance — Creation — Members.
(a) The State Board of Finance is created.
(b) The board shall be composed of the following members:
(1) The Governor;
(2) The Treasurer of State;
(3) The Auditor of State;
(4) The Bank Commissioner;
(5) The Secretary of the Department of Finance and Administration;
(6) The Securities Commissioner;
(7) One (1) person with knowledge and experience in commercial banking;
(8) One (1) person who:
(A) Holds or has held a Series 7 licensure as a general securities representative; and
(B) Has at least five (5) years of experience as a general securities representative;
(9) One (1) certified public accountant who:
(A) Is licensed in Arkansas; and
(B) Has at least five (5) years of experience as a certified public accountant; and
(10) One (1) member of the general public.
(c) A board member listed in subdivisions (b)(7)-(10) of this section:
(1) Shall serve a four-year term and may be reappointed, except that the board member shall serve an initial term of either one (1) year, two (2) years, three (3) years, or four (4) years as determined by lot in order to establish staggered terms in which the term of one (1) of the four (4) board members expires each year;
(2) Shall be paid a stipend of one hundred dollars ($100) from funds appropriated to the Treasurer of State for participation in each board meeting;
(3) Shall not have a direct financial interest in a transaction between an investment depository or bank depository and the:
(A) Board; or
(B) Treasurer of State;
(4) Shall not be related within the second degree of consanguinity or affinity to a constitutional officer or a member of the General Assembly;
(5) Shall abstain from voting on an issue that affects the board member
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-701
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 19-3-701. This identifies an authority to review, not proof of applicability.