2014 Arizona Revised Statutes
Title 9 - Cities and Towns
§ 9-492 Investment of sinking funds and surplus or idle funds of municipality

AZ Rev Stat § 9-492 (2014) What's This?

9-492. Investment of sinking funds and surplus or idle funds of municipality

A. The governing body of a municipality may invest its sinking funds in United States, state, or county bonds or in bonds, debentures or other obligations issued by the federal land banks, the federal intermediate credit banks or the banks for cooperatives.

B. In addition to the provisions of subsection A of this section, the governing body of a municipality may invest its surplus or idle funds in United States treasury bills, notes or bonds which have a maturity date of not more than one year from the date of investment and in accounts of any savings and loan association insured by an agency of the government of the United States, up to the amount of such insurance.

C. In addition to the provisions of subsections A and B of this section, the governing body of a municipality may invest its surplus or idle funds in accordance with the procedures prescribed in section 35-323.01.

Disclaimer: These codes may not be the most recent version. Arizona may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.