Arkansas Code Title 14. Local Government § 14-303-510. Revenue bonds--Securities

(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) The revenue 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 now or may hereafter be authorized by law.

(c) Any municipality or county;  any board, commission, or other authority established by any such municipality or county, or the boards of trustees, respectively, of any retirement fund or retirement system created by, or pursuant to, authority conferred by the General Assembly may, in its discretion, invest any of its funds not immediately needed for its purposes in bonds issued under the authority of this chapter.  Bonds issued under the authority of this chapter shall be eligible to secure the deposit of public funds.