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6-20-1017. Purchase of bonds and certificates by Treasurer of State.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-1017. Purchase of bonds and certificates by Treasurer of State.
(a) The Treasurer of State shall, upon written request of the Commissioner of Education, acting on authority of the State Board of Education, purchase from the state board, at par, plus any accrued interest, revolving loan bonds or revolving loan certificates of indebtedness of school districts in this state whenever the state board shall present them to the Treasurer of State for purchase.
(b) All revolving loan bonds or certificates of indebtedness acquired by the Treasurer of State shall be deposited into the Securities Account in the State Treasury. However, the Treasurer of State's aggregate holdings at any one (1) time of the revolving loan bonds or revolving loan certificates of indebtedness shall not exceed the sum of fifteen million dollars ($15,000,000).
(c) The moneys that the Treasurer of State may use in the purchase of any revolving loan bonds or revolving loan certificates of indebtedness shall be those funds available for investment under the provisions of the State Treasury Management Law, § 19-3-501 et seq.
(d) The interest received from investments by the Treasurer of State on revolving loan bonds or revolving loan certificates of indebtedness shall be credited to the Securities Reserve Fund to be used for the same purposes as other moneys deposited into said fund as provided by law.
(e) The Treasurer of State shall sell and redeliver any such revolving loan bonds or revolving loan certificates of indebtedness to the state board, upon request, at a price of par plus accrued interest to the date of such redelivery.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1017
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:6-20-1017
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b49901810509c1d3002cac1596f699ad7217d4d6388b99487fa9618b8c58fbbe
Source location: content.xml paragraph 21657
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6-20-1017. Purchase of bonds and certificates by Treasurer of State.
(a) The Treasurer of State shall, upon written request of the Commissioner of Education, acting on authority of the State Board of Education, purchase from the state board, at par, plus any accrued interest, revolving loan bonds or revolving loan certificates of indebtedness of school districts in this state whenever the state board shall present them to the Treasurer of State for purchase.
(b) All revolving loan bonds or certificates of indebtedness acquired by the Treasurer of State shall be deposited into the Securities Account in the State Treasury. However, the Treasurer of State's aggregate holdings at any one (1) time of the revolving loan bonds or revolving loan certificates of indebtedness shall not exceed the sum of fifteen million dollars ($15,000,000).
(c) The moneys that the Treasurer of State may use in the purchase of any revolving loan bonds or revolving loan certificates of indebtedness shall be those funds available for investment under the provisions of the State Treasury Management Law, § 19-3-501 et seq.
(d) The interest received from investments by the Treasurer of State on revolving loan bonds or revolving loan certificates of indebtedness shall be credited to the Securities Reserve Fund to be used for the same purposes as other moneys deposited into said fund as provided by law.
(e) The Treasurer of State shall sell and redeliver any such revolving loan bonds or revolving loan certificates of indebtedness to the state board, upon request, at a price of par plus accrued interest to the date of such redelivery.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-3-501. Title.
This subchapter shall be known and may be cited as the “State Treasury Management Law”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-3-501
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 19-3-501. This identifies an authority to review, not proof of applicability.