§ 14-186-415 - Depository for funds. - Arkansas Statutes

14-186-415. Depository for funds.

(a) (1) The municipalities or counties joined together to issue revenue bonds under the provisions of this subchapter shall designate a bank, which shall be a member of the Federal Deposit Insurance Corporation, to serve as a common depository to receive and hold on deposit and for disbursement of all revenues derived from the port.

(2) (A) The depository shall install and maintain a proper system of accounts, showing the amount of revenues received and the application of them.

(B) (i) The accounts shall be subject to audit at least once a year by a competent auditor.

(ii) The report of the auditor shall be open to inspection at all times to any municipality or county joining in the issuance of the bonds, any taxpayer in these localities, or any holder of bonds issued under the provisions of this subchapter, or anyone acting for and on behalf of the municipality, county, taxpayer, or bondholder.

(b) (1) All the funds received as income from the port constructed or acquired, in whole or in part, under the provisions of this subchapter and all funds received from the sale of revenue bonds issued to construct or acquire the port shall be kept separate and apart from the other funds of the municipalities or counties.

(2) The depository shall maintain separate accounts in which shall be placed the interest and sinking fund moneys and other accounts in which shall be placed depreciation funds.