Section 19-8-104 - Investment of public funds(a) Except as provided in subsection (b) of this section, all public funds as defined in § 19-8-101 shall be deposited into banks located in the state.(b) A school district may seek a hardship waiver from the Legislative Joint Auditing Committee from this section and deposit public funds into an out-of-state bank if: (1) The school district is designated as an isolated school district under §§ 6-20-601 and 6-20-602;(2) The school district lies on the borders of the state line;(3) The nearest Arkansas bank is located at least eighteen (18) miles from the administrative offices of the district;(4) The administrative offices of the district are located within six (6) miles from an out-of-state bank; and(5) The out-of-state bank meets all other requirements concerning collateralization of state funds.Acts 1935, No. 21, § 5; 1973, No. 107, § 1; A.S.A. 1947, § 13-802; Acts 1991, No. 459, § 1; 1995, No. 770, § 1; 2011, No. 629, § 2.