Ark. Code Ann. § 12-41-714: Bonds - Investments by public entities

(a) Any municipality, board, commission, governing authority established by ordinance of any municipality, or governing authorities, respectively, of the local firefighter's pension and relief fund and police officer's pension and relief fund of any such municipality, the governing authority of any retirement system created by the General Assembly, or any agency may invest any of its funds not immediately needed for its purposes in bonds and other evidences of indebtedness issued under the provisions of this subchapter.

(b) Any bonds issued under the provisions of this subchapter shall be eligible to secure the deposit of public funds.