§ 27-90-213 - Scope of revenue bonds as securities. - Arkansas Statutes

27-90-213. Scope of revenue bonds as securities.

(a) Revenue bonds issued under this subchapter are made securities in which all insurance companies, trust companies, banks, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them.

(b) The bonds are made securities which may properly and legally be deposited with and received by any state, county, municipal officer, any agency, or political subdivision of the state for any purpose for which the deposit of bonds or obligations of the state is now or may be authorized by law.

(c) Any municipality or county, or any board, commission, or other authority established by any municipality or county, or the boards of trustees, respectively, of any retirement fund or retirement system created by or pursuant to authority conferred by the General Assembly may, in its discretion, invest any of its funds not immediately needed for its purposes in bonds issued under this subchapter.

(d) Bonds issued under this subchapter shall be eligible to secure the deposit of public funds.