Arkansas Code
Subchapter 2 - Investments
§ 24-2-202. Procedure for purchase or sale of securities

(a) All securities purchased or sold by the board of trustees shall be upon sealed offers after publication of notice of proposal to purchase or sell, except securities provided for in § 24-2-201(b)(1), (2), (7), (8), (10), (11), and (12).
(b)
(1)
(A) Not fewer than seven (7) days nor more than fourteen (14) days prior to the date set for the purchase of securities, the board of trustees shall cause a notice to be published by one (1) insertion, in one (1) or more newspapers of general circulation throughout the state and in such other newspapers or financial journals as to it may appear desirable.
(B) This notice shall request offers to sell such obligations to the system and state the approximate amount of funds proposed to be made available for the purpose and the time and place that the offers will be received.

(2) On the date and on and after the time so fixed, the board of trustees, or a duly designated subcommittee thereof, shall open, read aloud, tabulate, and compare all the offers received; then, or within twenty-four (24) hours after the date and time so fixed, the board of trustees shall purchase or contract for the purchase of such of the obligations as, in its opinion, will serve the best interest of the retirement system.
(3) All obligations of a particular type shall be purchased on the basis of the highest annual interest yield to the retirement system.
(4) The board of trustees may reject any or all offers received and may waive informalities.

(c) All obligations of a particular issue which are purchased by the board of trustees upon sealed offers shall be accompanied at the time of delivery and payment, by the opinion of recognized bond counsel acceptable to the board of trustees approving without qualification the validity of the issue of which the obligations are a part.
(d) Direct general obligations of the United States and obligations of instrumentalities thereof may be purchased from the issuers from their duly designated fiscal agents or in the open market either with or without giving prior notice by publication of intention to purchase, all as, in the opinion of the board of trustees, will serve the best interest of the system.

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