§ 19-3-511 - Term of deposit -- Interest. - Arkansas Statutes

19-3-511. Term of deposit -- Interest.

(a) (1) Interest to be paid on certificates of deposit invested through the State Treasury Certificate of Deposit Investment Program shall be at a rate fixed by the State Board of Finance at a meeting duly called and held preceding the beginning date of the term of the certificate of deposit.

(2) The Treasurer of State and each depository shall enter into an agreement establishing the term or renewal term of the certificate of deposit which shall be set by the State Board of Finance.

(3) Notice of the date and time of the holding of the meeting shall be given by the secretary of the board with publication of a notice of the meeting in a newspaper of statewide circulation not less than five (5) days nor more than fifteen (15) days in advance of the meeting date.

(A) At each such meeting, any person desiring to be heard shall be given the opportunity to express his or her views on any matter under consideration by the board.

(B) The board shall give due consideration to all such views, together with such other and additional views as may be expressed by its members, which it deems to be relevant. Thereafter, at the meeting, the board shall fix the rate of interest to be paid by depositories during the next term and direct its secretary to certify the amount thereof to the Treasurer of State.