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19-8-103. Penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-8-103. Penalties.
(a) It is a felony, punishable by fine of not more than one thousand dollars ($1,000) or one (1) year in prison, or both, for any officer of any bank to accept for deposit more public funds in the aggregate than that amount designated by this section, § 19-8-101, § 19-8-102, and §§ 19-8-104 — 19-8-107. In no instance shall more than twenty-five percent (25%) of the total general deposits of public funds be accepted until they have been reduced to the proper proportion of general deposits. When necessary, the depository boards are authorized to order a reduction of deposits in any bank so as to conform to the twenty-five percent (25%) limitation provided for in this section. Any public officer knowingly depositing public funds in excess of this amount shall likewise be guilty of a felony and subject to the same penalty as prescribed in this subsection and shall be removed from office.
(b) The penalties provided in this section also shall apply in the event of a depository bank’s investing any deposits in excess of the twenty-five percent (25%) limitation in any manner other than that provided in § 19-8-105(b) permitting a deposit in excess of the twenty-five percent (25%) limitation.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-8-103
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:19-8-103
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 26625f1ee57f38adeb35661ee53e9cc5bd80d5069db9d57555384f18469b68e6
Source location: content.xml paragraph 13353
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19-8-103. Penalties.
(a) It is a felony, punishable by fine of not more than one thousand dollars ($1,000) or one (1) year in prison, or both, for any officer of any bank to accept for deposit more public funds in the aggregate than that amount designated by this section, § 19-8-101, § 19-8-102, and §§ 19-8-104 — 19-8-107. In no instance shall more than twenty-five percent (25%) of the total general deposits of public funds be accepted until they have been reduced to the proper proportion of general deposits. When necessary, the depository boards are authorized to order a reduction of deposits in any bank so as to conform to the twenty-five percent (25%) limitation provided for in this section. Any public officer knowingly depositing public funds in excess of this amount shall likewise be guilty of a felony and subject to the same penalty as prescribed in this subsection and shall be removed from office.
(b) The penalties provided in this section also shall apply in the event of a depository bank’s investing any deposits in excess of the twenty-five percent (25%) limitation in any manner other than that provided in § 19-8-105(b) permitting a deposit in excess of the twenty-five percent (25%) limitation.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-8-101. Definitions.
(a) “Bank” or “banking institution” means any state bank, national bank, savings bank, savings association, thrift, or other financial institution authorized to do business and having a main office or branch office in this state, which is insured by the Federal Deposit Insurance Corporation.
(b) “Public funds” or “funds” means any and all kinds of funds handled by treasurers, collectors, commissioners, sheriffs, clerks, and receivers appointed under § 14-62-104.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-8-101
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 19-8-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-8-102. Legal funds.
The legal funds referred to in §§ 19-8-101 — 19-8-107 as being eligible for deposit in depositories shall include any and all funds that may come into the hands of all treasurers, collectors, commissioners, sheriffs, clerks, and receivers by reason of their official capacities as commissioners.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-8-102
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 19-8-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-8-104. Investment of public funds.
(a) Except as provided in subsection (b) of this section, all public funds as defined in § 19-8-101 shall be deposited into banks located in the state.
(b) A school district may seek a hardship waiver from the Legislative Joint Auditing Committee from this section and deposit public funds into an out-of-state bank if:
(1) The school district is designated as an isolated school district under §§ 6-20-601 and 6-20-602;
(2) The school district lies on the borders of the state line;
(3) The nearest Arkansas bank is located at least eighteen (18) miles from the administrative offices of the district;
(4) The administrative offices of the district are located within six (6) miles from an out-of-state bank; and
(5) The out-of-state bank meets all other requirements concerning collateralization of state funds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-8-104
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 19-8-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-8-107. Depository agreements.
(a)(1) After the receipt from the Bank Commissioner of the list of banks or banking institutions eligible for public deposits, the depository boards shall:
(A) Designate the banks or banking institutions into which the funds shall be deposited; and
(B) With each bank or banking institution designated under subdivision (a)(1)(A) of this section, enter into a depository agreement and any supplemental agreements under subsection (c) of this section needed to perfect security of public deposits not fully insured directly by the United States.
(2) The depository boards may at any time enter into depository agreements with any new bank chartered if the bank is certified by the commissioner as being eligible as a depository of public funds under the laws of this state.
(3)(A) All depository agreements and supplemental agreements required for creating an enforceable perfected security in collateral for deposits of public funds shall continue in full force until the bank or banking institution receives written notice of revocation by the depository board or until there is a change of membership on the depository board as prescribed in this subsection.
(B) Depository agreements and supplemental agreements required to create an enforceable perfected security in collateral for deposits shall be updated at the time a new treasurer takes office.
(C) Except as provided under subdivision (a)(3)(A) of this section, agreements required to be signed by all members of a depository board shall be changed at the time of membership change on the depository board.
(b)(1) The treasurers or other public officials or other persons having custody of public funds shall deposit those public funds into the designated depositories.
(2) The depositing
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-8-107
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 19-8-107. This identifies an authority to review, not proof of applicability.