(a) A rural development authority shall provide by resolution that all moneys deposited by it shall be secured by:
(1) Obligations of the United States or of the state of a market value equal at all times to the amount of the deposits;
(2) Any securities in which savings banks may legally invest funds within their control;
(3) An undertaking with such sureties as shall be approved by the authority faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest on them; or
(4) Other obligations allowed by law.
(b) All banks and trust companies are authorized to give any such security for such deposits.
Structure Arkansas Code
Subtitle 11 - Economic Development Improvement Districts, Facilities, And Authorities
Chapter 188 - Rural Development Authorities
§ 14-188-102. Legislative declarations
§ 14-188-104. Creation of authorities
§ 14-188-105. Appointment of commissioners, etc
§ 14-188-106. Rules and regulations
§ 14-188-107. Interest of commissioners or employees prohibited
§ 14-188-108. Removal of commissioner
§ 14-188-109. Powers of authority generally
§ 14-188-110. Issuance of bonds and other evidence of indebtedness
§ 14-188-111. Powers in connection with issuance of bonds, etc
§ 14-188-112. Form and sale of bonds, etc
§ 14-188-113. Validation of indebtedness
§ 14-188-114. Remedies of obligees
§ 14-188-115. Additional remedies conferrable on obligees
§ 14-188-116. Exemption from lien and execution sale
§ 14-188-117. Exemption from taxes or assessments
§ 14-188-118. Security for deposits
§ 14-188-119. Cooperation by authorities
§ 14-188-120. Aid and cooperation by state public bodies