(a)
(1) All moneys received by the Student Loan Guarantee Foundation of Arkansas under the provisions of this subchapter shall be deposited by the foundation into bank accounts in one (1) or more banks of this state, or the moneys may be placed on deposit into savings and loan associations in this state, the deposits of which are insured by the Federal Deposit Insurance Corporation.
(2) However, the amount of the deposits in any bank or savings and loan association in this state shall not exceed the amount insured by the Federal Deposit Insurance Corporation unless the amount of all deposits in excess of the amount insured by the Federal Deposit Insurance Corporation is secured to the full amount thereof at any time remaining on hand by the deposit, under a special depository agreement with another Arkansas bank of the foundation's selection, and approved by the Chief Fiscal Officer of the State, of direct obligations of the United States or the State of Arkansas having at all times a market value of not less than the amount of the balance.
(b) The foundation shall deposit into savings accounts or certificates of deposit in such banks or savings and loan associations the maximum amount of such funds which are not otherwise required to be maintained in checking accounts to meet the obligations of the foundation under the provisions of this subchapter or applicable federal laws and regulations.
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