Ark. Code Ann. § 14-201-128: Investment of public funds in bonds or notes

Any municipality or any board, commission, or other authority duly established by ordinance of any municipality, or the board of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any municipality, or the board of trustees of any retirement system created by the General Assembly may, in its discretion, invest any of its funds in bonds or notes issued under the provisions of this subchapter. Bonds and notes issued under the provisions of this subchapter shall be eligible to secure the deposit of public funds.