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Arkansas Code Title 19. Public Finance § 19-8-311. Direct deposit into municipality's Arkansas local government cash management trust account

Current as of March 28, 2024 | Updated by Findlaw Staff

(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 the Arkansas Highway Revenue Distribution Law, § 27-70-201 et seq.; and

(3) The special revenues listed in the Revenue Classification Law, § 19-6-201 et seq., including, but not limited to, those generated by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq.

(b)(1) Upon receipt of a resolution enacted by the governing body of a municipality, the officials responsible for the transmittal of funds to the municipality shall directly deposit the funds into the municipality's local government cash management trust account.

(2) The resolution shall state the following:

(A) The name of the municipality;

(B) The funds to be transmitted; and

(C) The municipality's local government cash management trust account number.

(c)(1) Direct deposits as provided in this section shall continue to be made until the state official or officials responsible for transmitting the funds receive a copy of a resolution enacted by the governing body of the municipality requesting the termination of the deposits.

(2) Upon receipt, the funds shall be transmitted as provided by this section.

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Cite this article: FindLaw.com - Arkansas Code Title 19. Public Finance § 19-8-311. Direct deposit into municipality's Arkansas local government cash management trust account - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-19-public-finance/ar-code-sect-19-8-311/

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