This text of Arkansas § 19-3-604 (Fund provisions) 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.
(a)The investment policy and all other policies, documents, rules, and procedures established or approved by the State Board of Finance under § 19-3-701 et seq. apply to the administration of this subchapter by the Treasurer of State.
(b)The Treasurer of State may invest or deposit funds in the State Treasury Money Management Trust as authorized in § 19-3-518 .
(c)(1) Moneys deposited into the State Treasury Money Management Trust by participants other than the State Treasury are not and shall not become part of State Treasury funds.
(2)The State Treasury Money Management Trust shall operate as a segregated account for custodial, depository, and accounting purposes.
(3)(A) A participant may deposit at will into and, up to the balance of the participant's account, obtain moneys upon de
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(a) The investment policy and all other policies, documents, rules, and procedures established or approved by the State Board of Finance under § 19-3-701 et seq. apply to the administration of this subchapter by the Treasurer of State. (b) The Treasurer of State may invest or deposit funds in the State Treasury Money Management Trust as authorized in § 19-3-518 . (c) (1) Moneys deposited into the State Treasury Money Management Trust by participants other than the State Treasury are not and shall not become part of State Treasury funds. (2) The State Treasury Money Management Trust shall operate as a segregated account for custodial, depository, and accounting purposes. (3) (A) A participant may deposit at will into and, up to the balance of the participant's account, obtain moneys upon demand from the State Treasury Money Management Trust. (B) A demand for funds by a participant under this subdivision (c)(3) shall be made by notice as prescribed by the board. (d) Each participant who elects to deposit money into the State Treasury Money Management Trust shall provide the account information required by the board, including without limitation the identity of any person authorized to conduct transactions on behalf of the participant. (e) Any loss of principal or interest realized as the result of a participant's demand for withdrawal of funds shall be incurred by the participant requesting the withdrawal and deducted on the day the withdrawal is made. (f) (1) The Treasurer of State may: (A) Assess reasonable charges against the account of a participant in the State Treasury Money Management Trust for reimbursement of administration and operational expenses; and (B) Charge a reasonable fee for managing the State Treasury Money Management Trust. (2) The board shall set any charge or fee imposed under this subsection. (3) Charges and fees received under this subsection shall be deposited into the State Treasury in a fund for the benefit of the Treasurer of State. (g) All interest and earnings received on the money of the State Treasury Money Management Trust shall be credited to the State Treasury Money Management Trust for distribution to the participants of the State Treasury Money Management Trust after any charges or fees due under subsection (f) of this section are deducted. (h) After deducting any charges or fees due under subsection (f) of this section, on the second business day that the State Treasury is open after the twenty-fifth day of the month, the Treasurer of State shall distribute the monthly earnings of the State Treasury Money Management Trust during the preceding month. (i) The board shall establish the method of computing a participant's rate of return, earnings, charges, fees, and expenses to determine the distribution for each participant. (j) The monthly sum of a participant's daily earnings, after deducting administrative charges and fees under subsection (f) of this section, shall be credited to the participant's account and reinvested, unless otherwise instructed by the participant, on the distribution date stated in subsection (h) of this section.