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24-2-202. Procedure for purchase or sale of securities.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-202. Procedure for purchase or sale of securities.
(a) All securities purchased or sold by the board of trustees shall be upon sealed offers after publication of notice of proposal to purchase or sell, except securities provided for in § 24-2-201(b)(1), (2), (7), (8), (10), (11), and (12).
(b)(1)(A) Not fewer than seven (7) days nor more than fourteen (14) days prior to the date set for the purchase of securities, the board of trustees shall cause a notice to be published by one (1) insertion, in one (1) or more newspapers of general circulation throughout the state and in such other newspapers or financial journals as to it may appear desirable.
(B) This notice shall request offers to sell such obligations to the system and state the approximate amount of funds proposed to be made available for the purpose and the time and place that the offers will be received.
(2) On the date and on and after the time so fixed, the board of trustees, or a duly designated subcommittee thereof, shall open, read aloud, tabulate, and compare all the offers received; then, or within twenty-four (24) hours after the date and time so fixed, the board of trustees shall purchase or contract for the purchase of such of the obligations as, in its opinion, will serve the best interest of the retirement system.
(3) All obligations of a particular type shall be purchased on the basis of the highest annual interest yield to the retirement system.
(4) The board of trustees may reject any or all offers received and may waive informalities.
(c) All obligations of a particular issue which are purchased by the board of trustees upon sealed offers shall be accompanied at the time of delivery and payment, by the opinion of recognized bond counsel acceptable to the board of trustees appr
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-202
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:24-2-202
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5f56d7936176938719aa6b2d7d2f0a01a90828d4efc1f2d298ef4873e8a8b81d
Source location: content.xml paragraph 413
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24-2-202. Procedure for purchase or sale of securities.
(a) All securities purchased or sold by the board of trustees shall be upon sealed offers after publication of notice of proposal to purchase or sell, except securities provided for in § 24-2-201(b)(1), (2), (7), (8), (10), (11), and (12).
(b)(1)(A) Not fewer than seven (7) days nor more than fourteen (14) days prior to the date set for the purchase of securities, the board of trustees shall cause a notice to be published by one (1) insertion, in one (1) or more newspapers of general circulation throughout the state and in such other newspapers or financial journals as to it may appear desirable.
(B) This notice shall request offers to sell such obligations to the system and state the approximate amount of funds proposed to be made available for the purpose and the time and place that the offers will be received.
(2) On the date and on and after the time so fixed, the board of trustees, or a duly designated subcommittee thereof, shall open, read aloud, tabulate, and compare all the offers received; then, or within twenty-four (24) hours after the date and time so fixed, the board of trustees shall purchase or contract for the purchase of such of the obligations as, in its opinion, will serve the best interest of the retirement system.
(3) All obligations of a particular type shall be purchased on the basis of the highest annual interest yield to the retirement system.
(4) The board of trustees may reject any or all offers received and may waive informalities.
(c) All obligations of a particular issue which are purchased by the board of trustees upon sealed offers shall be accompanied at the time of delivery and payment, by the opinion of recognized bond counsel acceptable to the board of trustees approving without qualification the validity of the issue of which the obligations are a part.
(d) Direct general obligations of the United States and obligations of instrumentalities thereof may be purchased from the issuers from their duly designated fiscal agents or in the open market either with or without giving prior notice by publication of intention to purchase, all as, in the opinion of the board of trustees, will serve the best interest of the system.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-201. Permissible investments of political subdivision retirement funds.
(a) The board of trustees of any public employee retirement system of any political subdivision of the State of Arkansas shall, from time to time, as funds are available for investment purposes, invest in obligations set out in this section.
(b) The boards of trustees of public employees retirement systems of political subdivisions of the state shall have the power to invest and reinvest the moneys in their respective funds and to hold, purchase, sell, assign, transfer, and dispose of any securities and investments held in the funds, except that the investments and reinvestments shall be limited to the following:
(1) Direct general obligations of the United States Government;
(2) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government, the principal and interest of which are guaranteed in full by the United States Government;
(3)(A) Direct general obligations of the State of Arkansas;
(B) Capital notes issued pursuant to § 23-32-215 [repealed] by banks and trust companies organized or operated under the laws of this state and subordinated debt securities of savings and loan associations in this state whose deposits are secured by the Federal Savings and Loan Insurance Corporation [abolished];
(C) Certificates of deposit of any bank in Arkansas if the bank is insured by the Federal Deposit Insurance Corporation;
(4) Revenue bonds issued by the University of Arkansas and by the other respective state-supported institutions of higher learning;
(5) Ad valorem tax bonds of counties issued under the authority of the Arkansas Constitution, Amendments 10;
(6) Ad valorem tax bonds of cities of the first and cities of the second class issued
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-201
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 24-2-201. This identifies an authority to review, not proof of applicability.