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Current as of March 08, 2022 | Updated by FindLaw Staff
A. On notice from the board, the state treasurer or bond trustee shall invest and divest monies in either the school improvement revenue bond proceeds fund or the school improvement revenue bond debt service fund in any of the following:
1. Obligations issued or guaranteed by the United States or any of the senior debt of its agencies, sponsored agencies, corporations, sponsored corporations or instrumentalities.
2. State, county or municipal bonds that are issued in this state and on which the payments of interest have not been deferred.
3. Investment agreements and repurchase agreements collateralized by investments described in paragraph 1 of this subsection.
B. The purchase of the securities shall be made by the state treasurer or bond trustee on authority of a resolution of the board. The treasurer or bond trustee shall act as custodian of all securities purchased. The securities may be sold on an order of the board.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 41. State Government § 41-5791. Authorized investments of fund monies - last updated March 08, 2022 | https://codes.findlaw.com/az/title-41-state-government/az-rev-st-sect-41-5791/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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