The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 2nd Regular Session, which convenes in January 2020.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
35-314.03 - State, tribal and political subdivision endowment funds; state investment authority
35-314.03. State, tribal and political subdivision endowment funds; state investment authority
A. In addition to the investment authority in section 35-313, the state treasurer may invest and reinvest trust monies of this state, state agencies, political subdivisions and tribal nations in equity securities pursuant to section 35-314 for long-term endowment funds.
B. Monies shall not be taken from one endowment fund for deposit in any other endowment fund.
C. All monies in these endowment funds shall be invested in safe interest-bearing securities and prudent equity securities consistent with the requirements of section 35-314.
D. The earnings, interest, dividends and realized capital gains and losses from investment of each endowment fund shall be credited to that fund.
E. The governing body of any political subdivision, public trust or public entity, including tribal nations, by the adoption of a resolution of continuing effect, may authorize and request the state treasurer to invest trust monies into a long-term endowment and set forth the terms of the distributions from such endowment for the governing body pursuant to this section.