§ 19-8-301. Title
This subchapter may be cited as the “Local Government Joint Investment Trust Act”.
§ 19-8-302. Purpose
The purpose of this subchapter is to permit local governments in Arkansas to join together to establish trusts for joint investment of moneys not currently needed so as to enhance their investment opportunities and increase investment earnings. This subchapter shall be deemed to provide an additional and alternative method of investment for local governments. It […]
§ 19-8-303. Definitions
For purposes of this subchapter: (1) “Local government” shall mean: (A) Any city, county, school district, or community college district of this state; (B) Any department, instrumentality, or agency of these entities, including local fire and police pension and relief funds; and (C) Any department, instrumentality, or agency of these entities, including a local government […]
§ 19-8-304. Creation of trusts
(a) Ten (10) or more local governments may create a trust under this subchapter by ordinance, resolution, or otherwise pursuant to law of their governing bodies to provide for the joint investment of moneys not currently needed by the local governments creating the trust and by other local governments that become parties to the trust. […]
§ 19-8-305. Terms of trust agreement
(a) Each trust agreement shall specify the following: (1) Its duration; (2) (A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust. (B) (i) Each trust shall have a minimum of seven (7) trustees. (ii) Only current elected officials and active or retired […]
§ 19-8-306. Filing of trust agreement and supplements thereto
No trust agreement or supplement to a trust agreement shall be effective until it is filed with the Secretary of State.
§ 19-8-307. Common trust funds — Individual investment accounts
(a) Each trust created pursuant to this subchapter shall establish one (1) or more common trust funds. Moneys held for the credit of a common trust fund shall be invested only in authorized common trust fund investments. (b) Assets held for the credit of a common trust fund shall be divided into units of participation, […]
§ 19-8-308. Authorized common trust fund investments
A trust created under this subchapter may invest moneys held for the credit of a common trust fund in the same manner as cities under §§ 19-1-504 and 19-1-505 and according to the investment policy adopted by the board of directors of the trust.
§ 19-8-309. Power to own property and contract
(a) A trust created under this subchapter shall, subject to any limitations in the trust agreement, have power to own real and personal property necessary to carry out its functions and to contract with local government associations and private agencies for necessary services in carrying out its functions. (b) Without limiting the generality of the […]
§ 19-8-310. Records
(a) Each trust shall cause proper books of account and records to be kept in which complete and correct entries shall be made of all transactions relating to its operations. (b) Such books shall be available for inspection by each participant at reasonable times. (c) Each trust shall have the records audited by the Legislative […]
§ 19-8-311. Direct deposits by State of Arkansas into local government cash management trust account
(a) Notwithstanding any other provision of law, the following funds remitted to municipalities by the State of Arkansas may be deposited directly into a municipality’s Arkansas local government cash management trust account, established pursuant to this subchapter: (1) The Municipal Aid Fund, as described in § 19-5-601; (2) The special highway revenues made available by […]