2014 Arizona Revised Statutes
Title 35 - Public Finances
§ 35-1201 Definitions

35-1201. Definitions

In this chapter, unless the context otherwise requires:

1. " Administrator" means the statewide collateral pool administrator.

2. " Default or insolvency" includes the failure or refusal of any eligible depository to return any public deposit on demand or at maturity and the issuance of an order of supervisory authority restraining that depository from making payments of deposit liabilities or the appointment of a receiver for that depository.

3. " Defaulting depository" means any eligible depository determined to be in default or insolvent.

4. " Eligible collateral" means any collateral that is authorized pursuant to section 35-323.

5. " Eligible depository" has the same meaning prescribed in section 35-321.

6. " Located in this state" means having a main office or branch office in this state where deposits are accepted, checks are paid and money is lent.

7. " Public deposit" means public monies deposited in an eligible depository pursuant to this chapter.

8. " Public depositor" means this state or any county, city, town or other political subdivision of this state, including any commission, institution, committee, board or officer and any state court.

9. " Qualified escrow agent" means any bank or trust company that is qualified to hold collateral pledged to secure public deposits.

10. " Required collateral" means the amount of eligible collateral required for an eligible depository to secure public deposits set by the policies and procedures of the administrator.