Arkansas § 14-139-112 - Funds custodian and accounts.

§ 14-139-112. Funds custodian and accounts.

Any municipality issuing revenue bonds under the provisions of this chapter shall install and maintain a proper system of accounts, showing the amount of revenue received and the application of it. At least once a year, the municipality shall cause the accounts to be properly audited by a competent auditor, and the report of the audit shall be open for inspection at all proper times to any taxpayer or any holder of bonds issued under the provisions of this chapter, or anyone acting for and on behalf of such taxpayer or bondholder. The treasurer of the municipality shall be custodian of the funds derived from income received from projects acquired or constructed, either in whole or in part, under the provisions of this chapter and shall give proper bond for the faithful discharge of his duties as such custodian. The bond shall be fixed and approved by the legislative body of the municipality. All of the funds received as income from exhibition grounds and buildings acquired or constructed, in whole or in part, under the provisions of this chapter and all funds received from the sale of revenue bonds issued to acquire or construct those exhibition grounds and buildings shall be kept separate and apart from the other funds of the city. The treasurer shall maintain separate accounts in which shall be placed the interest and sinking fund moneys and other accounts in which shall be placed the depreciation funds and to provide for refunding outstanding certificates payable out of the project's revenue.