§ 27-70-204 - Interest on state highway department funds. - Arkansas Statutes

27-70-204. Interest on state highway department funds.

(a) On the first day of business of the month, the Treasurer of State shall compute the average daily balance of the State Highway and Transportation Department Fund, including all internal accounts and funds, including, but not limited to, the Special Construction Account, the State Aid Road Fund, the State Aid Street Account, the State Highway and Transportation Department Fund, and any other funds administered by the Arkansas State Highway and Transportation Department during the preceding month and shall transfer on that day to the State Highway and Transportation Department Fund interest on the average daily balance to be computed at a rate equivalent to the average rate of interest earned on all State Treasury funds invested, excluding the interest rate paid on open account deposits, during the preceding month.

(b) All interest earned on the accounts described in subsection (a) of this section shall be classified as special revenues, and the net amount shall be distributed as provided by this subchapter.