Arkansas § 21-2-705 Governmental Bonding Board

Arkansas Statutes

§ 21-2-705 — Governmental Bonding Board

(a)There is created the Governmental Bonding Board, which shall be composed of the following five (5) members:

(1)The President of the Association of Arkansas Counties;

(2)The President of the Arkansas Municipal League;

(3)The Commissioner of Elementary and Secondary Education;

(4)The Secretary of the Department of Finance and Administration; and (5) The Insurance Commissioner, who shall serve as chair.

(b)(1) The members of the board shall receive no compensation for their services, but members other than the Commissioner of Elementary and Secondary Education, the Secretary of the Department of Finance and Administration, and the Insurance Commissioner may receive expense reimbursement in accordance with § 25-16-901 et seq.

(2)The expense reimbursement of members of the board shall

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(a) There is created the Governmental Bonding Board, which shall be composed of the following five (5) members: (1) The President of the Association of Arkansas Counties; (2) The President of the Arkansas Municipal League; (3) The Commissioner of Elementary and Secondary Education; (4) The Secretary of the Department of Finance and Administration; and (5) The Insurance Commissioner, who shall serve as chair. (b) (1) The members of the board shall receive no compensation for their services, but members other than the Commissioner of Elementary and Secondary Education, the Secretary of the Department of Finance and Administration, and the Insurance Commissioner may receive expense reimbursement in accordance with § 25-16-901 et seq. (2) The expense reimbursement of members of the board shall be paid from the Self-Insured Fidelity Bond Trust Fund. (c) (1) (A) (i) The board shall meet at least quarterly. (ii) However, if there is no proof of loss or other business for the board to consider, the chair may cancel a regularly scheduled quarterly meeting upon written notice to the members. (B) The board shall also meet at any other time as necessary to carry out its responsibilities and duties, at the call of the chair, or upon the request of a majority of the board. (2) All action of the board shall be by majority vote of the membership in attendance. (3) If a board member is unable to attend any board meeting, the member shall appoint a designee to act as his or her representative. The representative shall have all the rights and privileges of the member represented.

Arkansas § 21-2-705 (Governmental Bonding Board) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Act 2023, No. 826,§ 5, eff. 8/1/2023. See note. Amended by Act 2019, No. 910,§ 3492, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 3491, eff. 7/1/2019. Acts 1987, No. 728, §§ 6, 7; 1991, No. 188, §§ 1, 2; 1997, No. 250, § 212; 2005, No. 506, § 3. Act 2023, No. 826,§ 5purported to amend 21-5-705; however, the amendment has been implemented in this section to reflect the apparent intent of the legislature.