Arkansas § 6-62-109 Annual certification of solvency - Calculation of number of days of cash on hand

Arkansas Statutes

§ 6-62-109 — Annual certification of solvency - Calculation of number of days of cash on hand

Arkansas § 6-62-109

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This text of Arkansas § 6-62-109 (Annual certification of solvency - Calculation of number of days of cash on hand) 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. § 6-62-109 (2026).

Text

(a)Annually, the board of trustees and the president or chancellor of each state-supported institution of higher education shall certify to the Chief Fiscal Officer of the State and the Legislative Council that as of December 31, sufficient appropriations and funds:

(1)Are available to meet all current and anticipated obligations for the current fiscal year as the obligations become due; or (2) Will become available to meet all current and anticipated obligations for the current fiscal year as the obligations become due.

(b)The certification from each state-supported institution of higher education shall be:

(1)Signed by the chair of the board of trustees and the president or chancellor;

(2)Sent no later than February 28 or upon release of the previous year's audit by Arkansas Legisla

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(a) Annually, the board of trustees and the president or chancellor of each state-supported institution of higher education shall certify to the Chief Fiscal Officer of the State and the Legislative Council that as of December 31, sufficient appropriations and funds: (1) Are available to meet all current and anticipated obligations for the current fiscal year as the obligations become due; or (2) Will become available to meet all current and anticipated obligations for the current fiscal year as the obligations become due. (b) The certification from each state-supported institution of higher education shall be: (1) Signed by the chair of the board of trustees and the president or chancellor; (2) Sent no later than February 28 or upon release of the previous year's audit by Arkansas Legislative Audit to the Chief Fiscal Officer of the State and the Legislative Council; (3) Accompanied by the published annual financial statement for the preceding fiscal year approved by the board of trustees; and (4) (A) Accompanied by a calculation of the number of days of cash on hand prepared by the chief financial officer of each state-supported institution of higher education for the preceding fiscal year. (B) Subdivision (b)(4)(A) of this section does not apply to the University of Arkansas for Medical Sciences. (c) The Arkansas Higher Education Coordinating Board shall develop rules to implement this section.