The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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.
11-681.09. Investment of monies in the bond proceeds fund and the debt service fund
A. The board may authorize the county treasurer to invest monies in the bond proceeds fund in the manner prescribed by this section. The order directing an investment shall state a date on which the proceeds from the sale of the bonds will be needed for use, and the treasurer shall make the investment in such a way as to mature at the specified date. All monies earned as interest or otherwise derived from the investment of the monies in the bond proceeds fund shall be credited to the debt service fund.
B. The board may authorize the county treasurer to invest and reinvest any monies in the debt service fund as provided by this section. All monies earned as interest or otherwise derived from the investment of the monies in the debt service fund shall be credited to that fund.
C. The monies in either the bond proceeds fund or the debt service fund may be invested and reinvested in any of the following:
1. United States treasury obligations.
2. Consolidated farm loan bonds.
3. Obligations issued by the federal intermediate credit banks or by bonds for cooperatives on authority of the farm credit act of 1933.
4. Any other obligations guaranteed by the United States government.
5. Any investments that are authorized by any other agencies of the United States government and that are authorized to secure public deposits.
6. State and local government series United States treasury securities.
7. The pooled investment funds established by the state treasurer pursuant to section 35-326.
8. State, county or municipal bonds issued in this state and on which the payments of interest have not been deferred.
9. Investment agreements and repurchase agreements collateralized by investments described in paragraphs 1 through 5.
D. The board may place any restrictions on reinvestment yield on the bonds or on any monies pledged to pay the bonds if necessary to comply with federal income tax laws and regulations to gain any federal tax benefits available with respect to the bonds. Monies shall be invested under this section in a manner that avoids arbitrage penalties prescribed by federal law.
E. The purchase of the securities shall be made by the county treasurer on authority of a resolution of the board. The treasurer shall act as custodian of all securities purchased.