Arizona § 35-324 Investment of trust funds

Arizona Statutes

§ 35-324 — Investment of trust funds

Arizona·Title 35 Arizona Revised Statutes·Ch. 2 HANDLING OF PUBLIC FUNDS·Art. 2. Money Management

The treasurer shall invest and reinvest monies of trust funds in:

1.Any securities allowed for the investment of public monies.

2.Fixed income securities of corporations organized and doing business in any state of the United States or the District of Columbia that carry one of the two highest ratings of Moody's investors service and Standard and Poor's rating service or their successors. If only one of these services rates the security, it must carry the highest rating of that service. If a rating change occurs after purchase, it is not mandatory to sell the security.

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The treasurer shall invest and reinvest monies of trust funds in:

1. Any securities allowed for the investment of public monies.

2. Fixed income securities of corporations organized and doing business in any state of the United States or the District of Columbia that carry one of the two highest ratings of Moody's investors service and Standard and Poor's rating service or their successors. If only one of these services rates the security, it must carry the highest rating of that service. If a rating change occurs after purchase, it is not mandatory to sell the security.

Arizona § 35-324 (Investment of trust funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.