(a) The Arkansas Economic Development Council is authorized to:
(1)
(A) Establish a Revenue Bond Guaranty Reserve Account, sometimes referred to in this subchapter as the "account", in any Arkansas bank that is a member of the Federal Deposit Insurance Corporation.
(B) Each account shall be in the name of the council, and the amount thereof in excess of that insured by the Federal Deposit Insurance Corporation must be secured by direct obligations of the United States or general obligations of the State of Arkansas or political subdivisions thereof; and
(2)
(A) Invest funds in the account in either direct obligations of the United States or certificates of deposit issued by an Arkansas bank or banks.
(B) All moneys received by the council under and pursuant to the provisions of this subchapter shall be deposited as and when received into the account.
(C) It is the intent of this subchapter that idle funds in the account shall be invested in direct obligations of the United States or certificates of deposit issued by an Arkansas bank or banks, as provided in this section, in order that maximum interest return may be received by the account.
(b) All moneys now or hereafter deposited into, or paid to the council for deposit into, the account are specifically declared to be cash funds, received from sources other than taxes, restricted in their use. These moneys shall not be deposited into the State Treasury but shall be deposited into one (1) or more banks, as set forth in subsection (a) of this section.
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