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27-70-204. Interest on funds of Arkansas Department of Transportation.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-70-204. Interest on funds of Arkansas Department of Transportation.
(a) On the second business day that the State Treasury is open after the twenty-fifth day of the month, the Treasurer of State shall compute the balance of the State Highway and Transportation Department Fund, including all internal accounts and funds, including, but not limited to, the State Highway Special Construction Account, the State Aid Road Fund, the State Aid Street Fund, the State Highway and Transportation Department Fund, and any other funds administered by the Arkansas Department of Transportation during the preceding month and shall transfer on that day to the State Highway and Transportation Department Fund interest on the balance to be computed as authorized under § 19-3-518(d)(4), excluding the interest rate paid on open account deposits, during the preceding month.
(b)(1) Except as provided in subdivision (b)(2) of this section, interest earned on the accounts described in subsection (a) of this section shall be classified as special revenues to be used as authorized under § 19-6-405.
(2) Interest income generated from the Arkansas Four-Lane Highway Construction and Improvement Bond Account shall be distributed as required under § 27-70-206.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-70-204
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:27-70-204
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 344248ba8a37108f99b9720e46228520d5a4a429783fa7044de80ea99b48a4a5
Source location: content.xml paragraph 24209
Stored source content
27-70-204. Interest on funds of Arkansas Department of Transportation.
(a) On the second business day that the State Treasury is open after the twenty-fifth day of the month, the Treasurer of State shall compute the balance of the State Highway and Transportation Department Fund, including all internal accounts and funds, including, but not limited to, the State Highway Special Construction Account, the State Aid Road Fund, the State Aid Street Fund, the State Highway and Transportation Department Fund, and any other funds administered by the Arkansas Department of Transportation during the preceding month and shall transfer on that day to the State Highway and Transportation Department Fund interest on the balance to be computed as authorized under § 19-3-518(d)(4), excluding the interest rate paid on open account deposits, during the preceding month.
(b)(1) Except as provided in subdivision (b)(2) of this section, interest earned on the accounts described in subsection (a) of this section shall be classified as special revenues to be used as authorized under § 19-6-405.
(2) Interest income generated from the Arkansas Four-Lane Highway Construction and Improvement Bond Account shall be distributed as required under § 27-70-206.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-518. Investments in securities and bank certificates of deposit.
(a)(1) Trust fund accounts in the State Treasury may be invested in:
(A) Certificates of deposit of banks and savings and loan associations; and
(B) Securities eligible under other law.
(2)(A) The administrator of a trust fund account shall review, from time to time, the flow of moneys through the trust fund account in the State Treasury to determine the estimated surplus moneys in the trust fund account that exceed the immediate requirements of the trust fund account.
(B)(i)(a) After taking into consideration the amount of the estimated surplus moneys under subdivision (a)(2)(A) of this section, the administrator shall certify to the Treasurer of State the amount of surplus moneys and the period of time during which the surplus moneys are not required.
(b) The Treasurer of State shall invest the amount certified in certificates of deposit issued by eligible banks and savings and loan associations.
(c) If the Treasurer of State is unable to place the certified amount in certificates of deposit, then the remainder may be placed in securities with the administrator's approval.
(ii)(a) Moneys required for a purchase under this subdivision (a)(2)(B) shall be withdrawn from the Cash Account and paid to the bank depository issuing the certificate of deposit or the investment depository selling the securities.
(b)(1) The principal amount of the certificate of deposit shall be debited to the Trust Deposit Account.
(2) The principal amount of a security shall be debited to the Trust Investment Account.
(iii) The certificates of deposit shall be secured by the Treasurer of State in accordance with the collateralization and investment policies of the State Board of Finance.
(iv)(a) Intere
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-518
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 19-3-518. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-6-405. State Highway and Transportation Department Fund.
The State Highway and Transportation Department Fund shall consist of:
(1) That part of the special revenues as specified in § 19-6-301(2)-(4), (22), (81), (105)-(107), (182), and (256), known as “highway revenue”, as distributed under the Arkansas Highway Revenue Distribution Law, § 27-70-201 et seq., and § 27-70-103 and § 27-72-301 et seq.;
(2) Those special revenues specified in § 19-6-301(10), (152), (187), (239), and (241);
(3) Fifty percent (50%) of § 19-6-301(26);
(4) That portion of § 19-6-301(2) as set out in § 27-14-601(a)(3)(H)(ii)(f) ;
(5) That portion of § 19-6-301(222);
(6) Those designated revenues as set out in § 26-56-201(e)(1), which consist of the additional total of four cents (4¢) distillate special fuel taxes to be distributed as provided in the Arkansas Highway Financing Act of 1999, § 27-64-201 et seq.;
(7) Federal revenue sharing funds as set out in § 19-5-1005;
(8) The special revenues specified in § 26-64-103, which consist of the wholesale sales taxes on motor fuel and distillate special fuel;
(9) The special revenues specified in § 27-14-614, which consist of the additional registration fees on electric vehicles and hybrid vehicles; and
(10) Any federal funds that may become available,
there to be used for the maintenance, operation, and improvement required by the Arkansas Department of Transportation in carrying out the functions, powers, and duties as set out in Arkansas Constitution, Amendment 42, and §§ 27-65-102 — 27-65-107, 27-65-110, 27-65-122, and 27-65-124, and the other laws of this state prescribing the powers and duties of the department and the State Highway Commission.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-6-405
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 19-6-405. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-70-206. Distribution to state funds.
Excluding the interest income classified as special revenue under § 27-70-204(b)(1), all highway revenues which are available for distribution during each fiscal year shall be transferred to the following State Treasury funds, and in the order specified, with transfers to be made monthly until all available revenues have been transferred:
(1) First, except as provided by § 19-5-207, three percent (3%) of the amount thereof to the Constitutional Officers Fund and the State Central Services Fund, there to be used for the purposes specified for each fund by the Revenue Stabilization Law, § 19-5-101 et seq.;
(2) Next, to the Gasoline Tax Refund Fund, such amount as the Secretary of the Department of Finance and Administration shall, from time to time, certify to the Treasurer of State as being necessary to pay approved gasoline tax refund claims under the provisions of §§ 26-55-301 — 26-55-321 [Repealed] and 26-55-401 — 26-55-408, or other applicable law. However, the aggregate total amount of all transfers under this paragraph shall not exceed two million five hundred thousand dollars ($2,500,000) during any fiscal year; and
(3) After meeting the requirements set out in subdivisions (1) and (2) of this section, all remaining highway revenues which are available for distribution during each fiscal year shall be transferred in the following manner: Fifteen percent (15%) of the amount thereof to the County Aid Fund; fifteen percent (15%) of the amount thereof to the Municipal Aid Fund; and seventy percent (70%) of the amount thereof to the State Highway and Transportation Department Fund.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-70-206
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 27-70-206. This identifies an authority to review, not proof of applicability.