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ARIZONA STATE SENATE
Fifty-Seventh Legislature, Second Regular Session
VETOED
AMENDED
bullion depository; state monies; treasurer
(NOW: treasurer; investment; bullion)
Purpose
Requires the State Treasurer to invest and reinvest up to 10 percent of state trust and treasury monies in physical gold or silver bullion that is held in a commercial depository that meets specified requirements.
Background
The State Treasurer is responsible for the safekeeping of all securities for which the State Treasurer is the lawful custodian. Securities may be deposited for safekeeping with any bank eligible to be the state servicing bank or any trust company or trust department of any bank qualified to do business in Arizona. The State Treasurer must invest and reinvest trust and treasury monies in outlined obligations, bonds and other permitted investments (A.R.S. Title 35, Chapter 2, Article).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Adds, to the State Treasurer's permitted investments, physical gold or silver bullion if the amount invested is valued at up to 10 percent of state trust and treasury monies measured at cost and the bullion is held in a U.S. commercial depository for precious metals that meets current industry standards for secure storage, insurance, independent audits and physical segregation from other holdings.
2. Makes technical changes.
3. Becomes effective on the general effective date.
Amendments Adopted by Committee
· Adopted the strike-everything amendment.
Governor's Veto Message
The Governor indicates in her veto message that she has confidence that the state's investment portfolio is sufficiently diversified to protect taxpayer assets over the long term.
Senate Action House Action
FIN 3/23/26 DPA/SE 4-2-1 Final Read 6/9/26 32-23-5
3rd Read 4/13/26 16-10-4
Vetoed by the Governor 6/19/26
Prepared by Senate Research
June 25, 2026
MG/SJ/hk