Arizona Revised Statutes Title 48. Special Taxing Districts § 48-4548. Treasurer or fiscal agent; disposition of monies; investments

A. The board may appoint a treasurer or fiscal agent to hold, deposit and invest the district's monies.

B. No monies derived from selling bonds issued under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds may be paid into the state treasury. All such monies may be invested in obligations issued or guaranteed by the United States or any department, agency or instrumentality of the United States or shall be deposited by the treasurer or fiscal agent in such financial institutions as may be designated by the board. The board may require all deposits of these monies to be secured by obligations of the United States. Such monies shall be disbursed as may be directed by the board and according to the terms of any agreements with the holder or holders of the bonds.

C. This section shall not be construed as limiting the power of the board to agree in connection with the issuance of any of its bonds as to the custody and disposition of the monies received from selling bonds or from the income and revenues pledged or assigned to or in trust for the benefit of the holder or holders of the bonds.