2014 Arizona Revised Statutes
Title 23 - Labor
§ 23-665.08 Investment of note proceeds and note debt service fund monies
23-665.08. Investment of note proceeds and note debt service fund monies
(Rpld. 1/1/16)
A. The director may authorize the note trustee to invest the note proceeds and monies in the note debt service fund.
B. The order directing an investment may state a specified time when the monies invested will be used. The note trustee shall make the investment in such a way so that the investment matures at the specified date.
C. Monies earned as interest or otherwise derived from the investment of the note proceeds or monies in the note debt service fund shall be used only for the purposes for which the monies invested may be used.
D. At the direction of the director, the note trustee may invest or reinvest note proceeds and monies in the note debt service fund in any investments authorized by section 35-313. The purchase of the securities shall be made by the note trustee on authority of the director. The note trustee shall act as custodian of all securities purchased. The securities may be sold on an order of the director.
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