§ 19-8-311 - Direct deposits by the State of Arkansas into local government cash management trust account.
19-8-311. Direct deposits by the 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 the Local Government Joint Investment Trust Act, 19-8-301 et seq.:
(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; and
(3) The special revenues listed in the Revenue Classification Law, 19-6-201, 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.