Arkansas § 6-20-1017 Purchase of bonds and certificates by Treasurer of State

Arkansas Statutes

§ 6-20-1017 — Purchase of bonds and certificates by Treasurer of State

Arkansas § 6-20-1017

Title6

This text of Arkansas § 6-20-1017 (Purchase of bonds and certificates by Treasurer of State) 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. § 6-20-1017 (2026).

Text

(a)The Treasurer of State shall, upon written request of the Commissioner of Elementary and Secondary Education, acting on authority of the State Board of Education, purchase from the state board, at par, plus any accrued interest, revolving loan bonds or revolving loan certificates of indebtedness of school districts in this state whenever the state board shall present them to the Treasurer of State for purchase.

(b)All revolving loan bonds or certificates of indebtedness acquired by the Treasurer of State shall be deposited into the Securities Account in the State Treasury. However, the Treasurer of State's aggregate holdings at any one (1) time of the revolving loan bonds or revolving loan certificates of indebtedness shall not exceed the sum of fifteen million dollars ($15,000,000).

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(a) The Treasurer of State shall, upon written request of the Commissioner of Elementary and Secondary Education, acting on authority of the State Board of Education, purchase from the state board, at par, plus any accrued interest, revolving loan bonds or revolving loan certificates of indebtedness of school districts in this state whenever the state board shall present them to the Treasurer of State for purchase. (b) All revolving loan bonds or certificates of indebtedness acquired by the Treasurer of State shall be deposited into the Securities Account in the State Treasury. However, the Treasurer of State's aggregate holdings at any one (1) time of the revolving loan bonds or revolving loan certificates of indebtedness shall not exceed the sum of fifteen million dollars ($15,000,000). (c) The moneys that the Treasurer of State may use in the purchase of any revolving loan bonds or revolving loan certificates of indebtedness shall be those funds available for investment under the provisions of the State Treasury Management Law, § 19-3-501 et seq. (d) The interest received from investments by the Treasurer of State on revolving loan bonds or revolving loan certificates of indebtedness shall be credited to the Securities Reserve Fund to be used for the same purposes as other moneys deposited into said fund as provided by law. (e) The Treasurer of State shall sell and redeliver any such revolving loan bonds or revolving loan certificates of indebtedness to the state board, upon request, at a price of par plus accrued interest to the date of such redelivery.

Legislative History

Amended by Act 2021, No. 544,§ 42, eff. 7/28/2021. Acts 1973, No. 886, § 1; 1979, No. 541, § 6; 1981, No. 549, § 2; A.S.A. 1947, § 80-977; Acts 1987, No. 832, § 1; 1995, No. 1143, § 1.