{"data":{"id":"us-ar/ark.-code-ann.-19-8-104","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 19-8-104","heading":"Investment of public funds","body":"(a) Except as provided in subsection (b) of this section, all public funds as defined in § 19-8-101 shall be deposited into banks located in the state. (b) A school district may seek a hardship waiver from the Legislative Joint Auditing Committee from this section and deposit public funds into an out-of-state bank if: (1) The school district is designated as an isolated school district under §§ 6-20-601 and 6-20-602 ; (2) The school district lies on the borders of the state line; (3) The nearest Arkansas bank is located at least eighteen (18) miles from the administrative offices of the district; (4) The administrative offices of the district are located within six (6) miles from an out-of-state bank; and (5) The out-of-state bank meets all other requirements concerning collateralization of state funds. Acts 1935, No. 21, § 5; 1973, No. 107, § 1; A.S.A. 1947, § 13-802; Acts 1991, No. 459, § 1; 1995, No. 770, § 1; 2011, No. 629, § 2.\n\n(a) Except as provided in subsection (b) of this section, all public funds as defined in § 19-8-101 shall be deposited into banks located in the state.\n\n(b) A school district may seek a hardship waiver from the Legislative Joint Auditing Committee from this section and deposit public funds into an out-of-state bank if: (1) The school district is designated as an isolated school district under §§ 6-20-601 and 6-20-602 ; (2) The school district lies on the borders of the state line; (3) The nearest Arkansas bank is located at least eighteen (18) miles from the administrative offices of the district; (4) The administrative offices of the district are located within six (6) miles from an out-of-state bank; and (5) The out-of-state bank meets all other requirements concerning collateralization of state funds.\n\n(1) The school district is designated as an isolated school district under §§ 6-20-601 and 6-20-602 ;\n\n(2) The school district lies on the borders of the state line;\n\n(3) The nearest Arkansas bank is located at least eighteen (18) miles from the administrative offices of the district;\n\n(4) The administrative offices of the district are located within six (6) miles from an out-of-state bank; and\n\n(5) The out-of-state bank meets all other requirements concerning collateralization of state funds.","path":["AR Code","Title 19","Chapter 8","Subchapter 1"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"d7b024fe03ea38d1d3106d6ee872e451ee94033e8962d1780fb10f56bb813be7","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-19-8-103","next":"us-ar/ark.-code-ann.-19-8-105"},"notice":"GroundRules: Original legal text. Not legal advice."}