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19-8-308. Authorized common trust fund investments.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-8-308. Authorized common trust fund investments.
A trust created under this subchapter may invest moneys held for the credit of a common trust fund in the same manner as cities under §§ 19-1-504 and 19-1-505 and according to the investment policy adopted by the board of directors of the trust.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-8-308
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:19-8-308
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cc1364d8d9326024fd77de1ff6ea1c09e4c9114d760ca9c037a7562d830c2fea
Source location: content.xml paragraph 13632
Stored source content
19-8-308. Authorized common trust fund investments.
A trust created under this subchapter may invest moneys held for the credit of a common trust fund in the same manner as cities under §§ 19-1-504 and 19-1-505 and according to the investment policy adopted by the board of directors of the trust.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-1-504. Investments permitted.
(a)(1) With the approval of the county or municipal depository board, a treasurer may convert any funds in the treasurer's possession or under the treasurer's control and not presently needed for other purposes into one (1) or more of the following investments:
(A) Eligible investment securities having a maturity of not longer than five (5) years from the date of acquisition unless, as documented at the time of acquisition, the investment is to fund or support a specific purpose and there are no expectations that the investment will be sold before maturity;
(B) An Arkansas bank certificate of deposit or a certificate of deposit authorized under § 19-8-111;
(C) An account established by a local government joint investment trust authorized under the Local Government Joint Investment Trust Act, § 19-8-301 et seq.; or
(D) An Arkansas financial institution repurchase agreement for eligible investment securities in which the seller agrees to repurchase the investment at a price including interest earned during the holding period as determined by the repurchase agreement.
(2) The following entities may convert funds that are in the possession of the entity or under the control of the entity and that are not presently needed for other purposes into an investment listed in subdivision (a)(1) of this section:
(A) A county board or commission;
(B) A municipal board or commission, including without limitation a board of trustees of a policemen's pension and relief fund, a board of trustees of a firemen's relief and pension fund, a waterworks commission, and a sewer committee; and
(C) A drainage district, levee district, and improvement district, including without limitation a waterworks district, electric light district, municipal
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-1-504
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 19-1-504. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-1-505. Additional authority of certain cities.
(a)(1) A city that has real property assessed valuation in excess of three hundred million dollars ($300,000,000) may invest the city's funds in securities under § 23-47-401 and according to the investment policy adopted by the governing body of the city.
(2) The investment policy adopted by the city's governing body may authorize a maturity term exceeding the term stated in § 19-1-504(a)(1)(A).
(b)(1) Each investment shall be made with the judgment and care under prevailing circumstances that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation but for investment, considering the probable safety of the capital and the probable income to be derived.
(2) Investment of funds shall be governed by the following investment objectives in order of priority:
(A) Preservation and safety of the principal;
(B) Liquidity; and
(C) Yield.
(c) In determining whether an investment officer has exercised prudence with respect to an investment decision, the determination shall be made taking into consideration:
(1) The investment of city funds and funds under the officer's control and over which the officer had responsibility, rather than a consideration as to the prudence of a single investment; and
(2) Whether the investment decision is consistent with the written investment policy of the city.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-1-505
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 19-1-505. This identifies an authority to review, not proof of applicability.