The State Board of Finance is authorized to:(1) Take such action as may be provided by law for the issuance of refunding bonds for outstanding obligations to the State of Arkansas;(2) Issue replacement bonds, either typewritten, printed, or lithographed, for lost, mislaid, destroyed, or stolen bonds of the State of Arkansas in the manner and within the limitations provided by § 19-9-102;(3) Take such action as may appear necessary or desirable to collect any funds which may have been in the hands of paying agents for a period of three (3) years or longer and to invest any funds so collected in the manner provided by §§ 19-9-103 - 19-9-105; and(4) Take such other action, not inconsistent with law, as may appear necessary or desirable to: (A) Retire the direct bonded debt of the State of Arkansas in an orderly manner;(B) Safeguard state funds pledged for the payment of such obligations; and(C) Maintain and improve the credit standing of the State of Arkansas.Acts 1955, No. 338, § 11; 1965 (1st Ex. Sess.), No. 12, § 13; A.S.A. 1947, § 13-411.
Arkansas Legal Code