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19-8-104. Investment of public funds.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:19-8-104
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e5ced610e75fd4be8abf5870d9588bbf2c66fd7c98867a06432927ea00143c59
Source location: content.xml paragraph 13359
Stored source content
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.
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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
6-20-601. Qualifications for receiving isolated funding — Definition.
(a) As used in this section, “isolated school district” means a school district that meets any four (4) of the following five (5) criteria:
(1) There is a distance of twelve (12) miles or more by hard-surfaced highway from the high school of the district to the nearest adjacent high school in an adjoining district;
(2) The density ratio of transported students is less than three (3) students per square mile of area;
(3) The total area of the district is ninety-five square miles (95 sq. mi.) or greater;
(4) Less than fifty percent (50%) of bus route miles is on hard-surfaced roads; and
(5) There are geographic barriers such as lakes, rivers, and mountain ranges that would impede travel to schools that otherwise would be appropriate for consolidation, cooperative programs, and shared services.
(b) An isolated school district shall be eligible to receive isolated funding under this section if:
(1) The school district's budget is prepared by the school district with Division of Elementary and Secondary Education approval;
(2) The school district has a prior-year three-quarter average daily membership of fewer than three hundred fifty (350); and
(3) The school district and each school within the school district meets the minimum standards for accreditation of public schools prescribed by law and rule.
(c) Any school district designated as an isolated school district for the 1996-1997 fiscal year that used geographic barriers as one (1) of the four (4) criteria necessary to receive isolated funding shall be allowed to continue to use geographic barriers as a criterion for future allocations of isolated funding.
(d)(1) State financial aid in the form of isolated funding shall be provi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-601
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 6-20-601. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-602. Isolated schools — Definition.
(a) “Isolated school” means a school within a school district that:
(1) Before administrative consolidation or annexation under this section, the Public Education Reorganization Act, § 6-13-1601 et seq., and § 6-13-1405(a)(5) [repealed] qualified as an isolated school district under § 6-20-601; and
(2) Is subject to administrative consolidation or annexation under this section, the Public Education Reorganization Act, § 6-13-1601 et seq., and § 6-13-1405(a)(5) [repealed].
(b) Any isolated school within a resulting or receiving district shall remain open unless the school district board of directors of the resulting or receiving district adopts a motion to close the isolated school or parts thereof by:
(1) Unanimous vote of the full board of directors; or
(2)(A) A majority vote of the full board of directors, but less than a unanimous vote, and the motion is considered by and approved by a majority vote of members of the State Board of Education.
(B)(i) Any school district board of directors seeking the state board's approval to close isolated schools or parts thereof under subdivision (b)(2)(A) of this section shall no less than thirty (30) days before a regularly scheduled state board meeting, request a hearing on the matter before the state board and file a petition to have the motion reviewed and approved by the state board.
(ii) The petition shall:
(a) Identify the specific isolated schools or part thereof that the local board of directors has moved to close;
(b) State all reasons that the isolated schools or part thereof should be closed;
(c) State how the closure will serve the best interests of the students in the district as a whole;
(d) State if the closure will have any negative impact on desegre
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-602
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 6-20-602. This identifies an authority to review, not proof of applicability.