The Arizona Revised Statutes have been updated to include the revised sections from the 55th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 2nd Regular Session, which convenes in January 2022.
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.
36-1415 - Housing bonds as security or legal investment
36-1415. Housing bonds as security or legal investment
A. The bonds or other obligations of a public housing authority, city, town or county issued for a housing project under the authority of this article or other law of this state, or issued by any public housing authority or agency of the United States, and secured by a pledge of annual contributions to be paid by the United States government or any agency thereof, shall constitute:
1. Authorized security for the deposit of public monies.
2. Authorized security for use in compliance with any law requiring deposits of securities to be made with any public agency.
3. Legal investments for monies subject to investment, held by or under the control of any officer or public body of the state or of any political subdivision or municipal corporation.
4. Legal investments for the sinking funds, trust funds or other monies belonging to or under the control of:
(a) Banks, savings banks and other persons carrying on a banking business.
(b) Insurance companies and other persons carrying on an insurance business.
(c) Executors, administrators, guardians, trustees or other fiduciaries.
B. This article does not relieve any public officer, corporation, fiduciary or other person from the duty of exercising reasonable care in the selection of securities.