§ 19-8-304 - Creation of trusts. - Arkansas Statutes

19-8-304. Creation of trusts.

(a) Any ten (10) or more local governments may create a trust under this subchapter for the purpose of providing for the joint investment of moneys not currently needed by the local governments creating the trust and by other local governments which become parties to the trust.

(b) Each trust shall be created by trust agreement.

(c) Appropriate action by ordinance, resolution, or otherwise pursuant to law of its governing body shall be necessary for any local government to become a party to a trust agreement.