Security for funds deposited

  1. Law
  2. Arkansas Code
  3. Local Government
  4. Economic Development And Tourism Generally
  5. Housing Authorities And Urban Renewal Agencies
  6. Housing Authorities in Cities and Counties
  7. Security for funds deposited

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  1. (a) A housing authority, by resolution, may provide that all moneys deposited by it shall be secured by:

    1. (1) Obligations of the United States or of the state, of a market value equal at all times to the amount of the deposits; or

    2. (2) Any securities in which savings banks may legally invest funds within their control; or

    3. (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.

  2. (b) All banks and trust companies are authorized to give any such security for the deposits.


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