Arkansas § 19-1-505 Additional authority of certain cities

Arkansas Statutes

§ 19-1-505 — Additional authority of certain cities

Arkansas § 19-1-505

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This text of Arkansas § 19-1-505 (Additional authority of certain cities) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 19-1-505 (2026).

Text

(a)(1) A city that has real property assessed valuation in excess of three hundred million dollars ($300,000,000) may invest the city's funds in securities under § 23-47-401 and according to the investment policy adopted by the governing body of the city.

(2)The investment policy adopted by the city's governing body may authorize a maturity term exceeding the term stated in § 19-1-504(a)(1)(A) .

(b)(1) Each investment shall be made with the judgment and care under prevailing circumstances that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation but for investment, considering the probable safety of the capital and the probable income to be derived.

(2)Investment of funds shall be governed by the following

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(a) (1) A city that has real property assessed valuation in excess of three hundred million dollars ($300,000,000) may invest the city's funds in securities under § 23-47-401 and according to the investment policy adopted by the governing body of the city. (2) The investment policy adopted by the city's governing body may authorize a maturity term exceeding the term stated in § 19-1-504(a)(1)(A) . (b) (1) Each investment shall be made with the judgment and care under prevailing circumstances that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation but for investment, considering the probable safety of the capital and the probable income to be derived. (2) Investment of funds shall be governed by the following investment objectives in order of priority: (A) Preservation and safety of the principal; (B) Liquidity; and (C) Yield. (c) In determining whether an investment officer has exercised prudence with respect to an investment decision, the determination shall be made taking into consideration: (1) The investment of city funds and funds under the officer's control and over which the officer had responsibility, rather than a consideration as to the prudence of a single investment; and (2) Whether the investment decision is consistent with the written investment policy of the city.