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21-2-711. Fidelity Bond Trust Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
21-2-711. Fidelity Bond Trust Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a separate fund to be known as the “Fidelity Bond Trust Fund”.
(b)(1) No money shall be appropriated from the fund for any purpose except for the use and benefit of participating governmental entities for bond claims and for Governmental Bonding Board expenses, including, but not limited to, travel, actuarial, consultant, and service contract fees.
(2) The fund shall be administered by and disbursed at the direction of the Governmental Bonding Board.
(c)(1)(A) The assets of the fund may be invested and reinvested as the Governmental Bonding Board may determine with the advice of the State Board of Finance.
(B) All incomes derived through investment of the fund shall be credited as investment income to the fund.
(C) For the purposes of investment, fund moneys invested and interest earned on fund moneys invested shall be administered as trust funds pursuant to the provisions of § 19-3-219(a)[repealed].
(2) Further, all moneys deposited to the fund shall not be subject to any deduction, tax, levy, or any other type of assessment.
(d) All moneys received by the Governmental Bonding Board for the Self-Insured Fidelity Bond Program, including premiums collected by the Governmental Bonding Board under this subchapter, restitution, interest payments, grants, gifts, and refunds shall be deposited into the fund.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 21-2-711
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:21-2-711
Source file: gov.ar.code.title.21.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fe1409bcc85f56e388edb49a74b03e00ec4c1afb4a154ccba0705012032ddeb4
Source location: content.xml paragraph 1366
Stored source content
21-2-711. Fidelity Bond Trust Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a separate fund to be known as the “Fidelity Bond Trust Fund”.
(b)(1) No money shall be appropriated from the fund for any purpose except for the use and benefit of participating governmental entities for bond claims and for Governmental Bonding Board expenses, including, but not limited to, travel, actuarial, consultant, and service contract fees.
(2) The fund shall be administered by and disbursed at the direction of the Governmental Bonding Board.
(c)(1)(A) The assets of the fund may be invested and reinvested as the Governmental Bonding Board may determine with the advice of the State Board of Finance.
(B) All incomes derived through investment of the fund shall be credited as investment income to the fund.
(C) For the purposes of investment, fund moneys invested and interest earned on fund moneys invested shall be administered as trust funds pursuant to the provisions of § 19-3-219(a)[repealed].
(2) Further, all moneys deposited to the fund shall not be subject to any deduction, tax, levy, or any other type of assessment.
(d) All moneys received by the Governmental Bonding Board for the Self-Insured Fidelity Bond Program, including premiums collected by the Governmental Bonding Board under this subchapter, restitution, interest payments, grants, gifts, and refunds shall be deposited into the fund.
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