§ 19-3-505 - Disposition of moneys received by Treasurer of State. - Arkansas Statutes

19-3-505. Disposition of moneys received by Treasurer of State.

(a) The Treasurer of State shall issue receipts to the respective depositors of moneys in the State Treasury. On the day of the receipt thereof or as soon thereafter as may be done, the moneys shall be credited to the particular funds entitled thereto as provided by law.

(b) (1) After credit to the respective funds, the moneys shall be commingled with all other moneys in the hands of the Treasurer of State, and as soon as may be done after the receipt thereof, the moneys shall be deposited in bank depositories to the credit of the account of the Treasurer of State, or invested as prescribed in this subchapter.

(2) Nothing in this subsection shall be so construed as to prohibit the Treasurer of State from keeping cash in the Treasurer of State's office in such reasonable amounts as shall be necessary for the transaction of the day-to-day business of the office with persons and firms other than bank depositories.