Arkansas § 14-186-415 - Depository for funds.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-186-415 — Depository for funds., with citation guidance and answers to common questions.
§ 14-186-415. Depository for funds.
The municipalities or counties joined together to issue revenue bonds under the provisions of this subchapter shall designate a bank, which shall be a member of the Federal Deposit Insurance Corporation, to serve as a common depository to receive and hold on deposit and for disbursement of all revenues derived from the port. The depository shall install and maintain a proper system of accounts, showing the amount of revenues received and the application of them. The accounts shall be subject to audit at least once a year by a competent auditor. The report of the auditor shall be open to inspection at all times to any municipality or county joining in the issuance of the bonds, any taxpayer in these localities, or any holder of bonds issued under the provisions of this subchapter, or anyone acting for and on behalf of the municipality, county, taxpayer, or bondholder. All the funds received as income from the port constructed or acquired, in whole or in part, under the provisions of this subchapter and all funds received from the sale of revenue bonds issued to construct or acquire the port shall be kept separate and apart from the other funds of the municipalities or counties. The depository shall maintain separate accounts in which shall be placed the interest and sinking fund moneys and other accounts in which shall be placed depreciation funds.
Frequently Asked Questions About Arkansas § 14-186-415
What does Arkansas Code of 1987 Annotated § 14-186-415 cover?
Section 14-186-415 ("Depository for funds.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 14-186-415?
A common citation format is "Arkansas Code of 1987 Annotated § 14-186-415" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 14-186-415 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.