Mr Reed was accused of destroying a different Ten Commandments monument in Oklahoma three years ago, media reports say.
He was diagnosed with a schizo-affective disorder (a mental health condition) after that incident but was released from hospital in January 2015 as part of an agreement with the Oklahoma County district attorney's office in which he pledged to continue receiving treatment and therapy, Tulsa World reported at the time.
The initiative to build the statue was led by Arkansas Senator Jason Rapert, who sponsored a 2015 law to display it on state grounds.
Mr Rapert said it "honoured the historical moral foundation of the law".
But opponents including the American Civil Liberties Union said that its appearance amounted to "an unconstitutional endorsement of religion" - they threatened to take legal action to have it taken down.
The statue was financed by more than $26,000 in private donations, local media reported.
The whole idea of god is absurd. If anything, '2001' shows that what some people call 'god' is simply an acceptable term for their ignorance. What they don't understand, they call 'god' . . . I chose to do Dr. Clarke's story as a film because it highlights a critical factor necessary for human evolution; that is, beyond our present condition. This film is a rejection of the notion that there is a god; isn't that obvious?
It is natural that people should differ most, and most violently, about the unknowable . . . There is all the room in the world for divergence of opinion about something that, so far as we can realistically perceive, does not exist.
The idea of an ordered and elegant universe is a lovely one. One worth clinging to. But you don't need religion to appreciate the ordered existence. It's not just an idea. It's reality. We're discovering the hidden orders of the universe every day. The inverse square law of gravitation is amazing. Fractals, the theory of relativity, the genome: these are magnificently beautiful constructs.
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