§ 19-3-508 - Deposits in ineligible institutions. - Arkansas Statutes

19-3-508. Deposits in ineligible institutions.

(a) The Treasurer of State may not deposit any State Treasury funds in any institution not considered eligible to be a depository under 19-3-507, unless deposits in such institutions are required to be made by other law or by resolution of a state board or commission duly adopted pursuant to the authority and requirement of other law.

(b) Nothing in this prohibition shall be applicable to funds set aside in the State Treasury and immediately required by out-of-state paying agents for the specific purpose of meeting the debt service requirements of the direct general obligation bonds of the State of Arkansas outstanding at any time.