§ 15-3-120 - Creation of investment fund -- Deposits credited to fund. - Arkansas Statutes

15-3-120. Creation of investment fund -- Deposits credited to fund.

(a) There is created an investment fund, to be held and managed by the Arkansas Science and Technology Authority as provided in this chapter, to which shall be appropriated all net income of the Arkansas Science and Technology Authority Endowment Fund.

(b) The net income of the endowment fund so appropriated to the investment fund shall be credited to the investment fund at the times directed in the appropriations act.

(c) The Board of Directors of the Arkansas Science and Technology Authority, from time to time, may credit to the investment fund such other moneys as are available to the authority, from whatever source derived.

(d) The authority shall hold the investment fund in an account or accounts separate from other funds and shall manage its investment as set forth in 15-3-121.

(e) All moneys received by the authority and deposited to the investment fund are specifically declared to be cash funds, restricted in their use, and to be used solely as provided in this chapter.