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19-3-704. Powers and duties.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-704. Powers and duties.
(a) In addition to any other function, power, or duty imposed by law, the State Board of Finance shall establish, maintain, and enforce all policies and procedures concerning the management and investment of funds in the State Treasury and the State Treasury Money Management Trust, including without limitation:
(1) Record keeping and reporting requirements that reflect:
(A) Daily, monthly, and year-to-date balances of all funds, accounts, and groups of accounts within the State Treasury; and
(B) The performance of all deposits and investments compared to the target rate of return established by the board;
(2) A collateralization policy;
(3) Eligibility requirements for a bank depository, an investment depository, a securities broker, and, before accepting an application to hire an investment consultant under subsection (c) of this section, an investment consultant;
(4) An investment policy;
(5) Liquidity requirements for the State Treasury; and
(6) Qualifications, ethical standards, a conflict of interest policy, and criminal background check requirements that are no less stringent than the requirements of § 19-3-705 for all employees of the board or Treasurer of State who handle State Treasury funds or participate in decisions concerning the deposit or investment of State Treasury funds.
(b)(1) The board shall select the chief compliance officer within the Treasurer of State's office based upon nominations received from the Treasurer of State.
(2) The chief compliance officer shall:
(A) Be employed by the board;
(B) Work with and at the direction of the Treasurer of State consistent with the policies and directives of the board; and
(C) Serve at the pleasure of the board.
(c) The board may hire an investment co
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-704
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:19-3-704
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4bc8d0b949d56d7b6cec959b9a6ecc41df350bedaf9e9c145a94a132087a25c4
Source location: content.xml paragraph 1607
Stored source content
19-3-704. Powers and duties.
(a) In addition to any other function, power, or duty imposed by law, the State Board of Finance shall establish, maintain, and enforce all policies and procedures concerning the management and investment of funds in the State Treasury and the State Treasury Money Management Trust, including without limitation:
(1) Record keeping and reporting requirements that reflect:
(A) Daily, monthly, and year-to-date balances of all funds, accounts, and groups of accounts within the State Treasury; and
(B) The performance of all deposits and investments compared to the target rate of return established by the board;
(2) A collateralization policy;
(3) Eligibility requirements for a bank depository, an investment depository, a securities broker, and, before accepting an application to hire an investment consultant under subsection (c) of this section, an investment consultant;
(4) An investment policy;
(5) Liquidity requirements for the State Treasury; and
(6) Qualifications, ethical standards, a conflict of interest policy, and criminal background check requirements that are no less stringent than the requirements of § 19-3-705 for all employees of the board or Treasurer of State who handle State Treasury funds or participate in decisions concerning the deposit or investment of State Treasury funds.
(b)(1) The board shall select the chief compliance officer within the Treasurer of State's office based upon nominations received from the Treasurer of State.
(2) The chief compliance officer shall:
(A) Be employed by the board;
(B) Work with and at the direction of the Treasurer of State consistent with the policies and directives of the board; and
(C) Serve at the pleasure of the board.
(c) The board may hire an investment consultant to examine the investment policies and investment practices for the State Treasury and make recommendations to the board, including without limitation recommendations concerning:
(1) An appropriate range for asset allocation;
(2) A target rate of return;
(3) The propriety of using money managers and, if desired, recommendations concerning money managers; and
(4) Adjustments to improve investment policies, investment allocations, or investment returns.
(d) The positions listed in subsections (b) and (c) of this section shall be funded by the appropriation for the Treasurer of State.
(e) The board may make, amend, adopt, and enforce rules and policies to regulate board procedure and execute board functions.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-705. Employees — Qualifications, ethical standards, and background checks.
(a) An employee of the State Board of Finance or Treasurer of State listed in § 19-3-704(b) or § 19-3-704(c) or who handles State Treasury funds or participates in decisions or making recommendations concerning the deposit or investment of State Treasury funds:
(1) Shall meet minimum standards of expertise and experience established by the board;
(2) Shall not have a direct financial interest in a bank depository, investment depository, or securities broker; and
(3) Shall file on or before January 31 with the board for the preceding calendar year the written statement of financial interest required by § 21-8-701(d).
(b)(1)(A) The board shall obtain a state and federal criminal background check to be conducted by the Identification Bureau of the Department of Arkansas State Police and the Federal Bureau of Investigation for:
(i) Each employee listed in § 19-3-704(b) or § 19-3-704(c); and
(ii) An employee or prospective employee of the board or Treasurer of State who handles or will handle State Treasury funds or participates or will participate in making decisions or recommendations concerning the deposit or investment of State Treasury funds.
(B) The background check shall be obtained on or before:
(i) September 1, 2013, for an existing employee; and
(ii) The start of employment for a prospective employee.
(2) The state and federal criminal background check shall conform to the applicable federal standards and shall include the taking of fingerprints.
(3) The employee or prospective employee shall sign a consent to the release of information for the state and federal criminal background check.
(4) The Treasurer of State shall be responsible for the payment of any f
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-705
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 19-3-705. This identifies an authority to review, not proof of applicability.