(a)
(1)
(A) In all cities and towns, all goods confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city and that are no longer needed as evidence shall be sold at auction or Internet auction.
(B) The auction or Internet auction shall be held at least annually or more often if the city determines appropriate.
(C) The proceeds derived from the sale of all confiscated goods shall be deposited into the city's policemen's pension and relief fund.
(2) Subdivision (a)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated goods.
(b)
(1) Until such time as the policemen's pension and relief fund is actuarially sound as determined by the actuary under contract with the Arkansas Fire and Police Pension Review Board, in all cities and towns all moneys confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city shall be deposited into the city's policemen's pension and relief fund.
(2) Subdivision (b)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated moneys.
(3) At the time that the policemen's pension and relief fund is actuarially sound, all moneys received under this subsection shall be retained by the city.
(c) A policemen's pension and relief fund that has assigned administrative responsibility for the fund to the Arkansas Local Police and Fire Retirement System under § 24-11-406 continues to be eligible to collect and deposit these amounts as contributions until the unfunded liability as a result of the consolidation has been fully amortized.