2005 Arizona Revised Statutes - Revised Statutes §48-1067  Treasurer or fiscal agent; disposition of monies; investment

A. The district 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 or county treasury. All those 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 those financial institutions as may be designated by the board of directors. The district may require all deposits of these monies to be secured by obligations of the United States. These monies shall be disbursed as may be directed by the district 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 district 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.