(a) The board of directors or commissioners of any levee district organized under general or special laws, which is or may be hereafter authorized to select depositories for the funds of the district, shall select the depositories at the time, in the manner, and for the term as is required by existing statutes.
(b) However, in the event the depositories so selected cannot or do not provide the security required by law in an amount sufficient to provide protection for all the funds of the district, the board of directors or commissioners are authorized to select additional depositories without advertising for bids, which depositories may be located outside the district and within or without the State of Arkansas. The additional depositories shall be required to provide the security required by law for deposits of improvements districts.
Structure Arkansas Code
Subtitle 7 - Water and Soil Improvement Districts
Chapter 123 - Levee Improvement Districts Generally
Subchapter 3 - Board of Directors or Assessors
§ 14-123-302. Voting by nonresident bondholders
§ 14-123-303. Certification of unopposed candidates without election
§ 14-123-304. Procedure at polls — Depositing ballots and returns
§ 14-123-305. Canvass of votes — Declaration of result — Contest
§ 14-123-306. Oath — Terms of office
§ 14-123-308. Powers and duties
§ 14-123-309. Records and reports
§ 14-123-311. Warrants — Employment and supervision of laborers
§ 14-123-312. Determination of necessary work — Survey and report
§ 14-123-313. Ownership of timber on right-of-way
§ 14-123-314. Depositories for funds
§ 14-123-315. Interest on deposits
§ 14-123-316. Compensation of directors, assessors, employees, etc