2010 Arkansas Code
Title 14 - Local Government
Subtitle 20 - Public Transit Systems Generally
Chapter 334 - Public Transit Systems Generally
§ 14-334-112 - Investment of revenue bonds.

14-334-112. Investment of revenue bonds.

(a) Revenue bonds issued under the authority of this chapter are made securities in which all insurance companies, trust companies, banks, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them.

(b) These bonds are made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of this state for any purpose for which the deposit of bonds or obligations of this state is authorized by law.

(c) Any municipality or county, or any board, commission, or other authority duly established by any municipality or county, or the board of trustees, respectively, of any retirement fund or retirement system created by or pursuant to authority conferred by the General Assembly of the State of Arkansas, may, in its discretion, invest any of its funds not immediately needed for its purposes in bonds issued under the authority of this chapter.

(d) Bonds issued under the authority of this chapter shall be eligible to secure the deposit of public funds.