15-1485. Monies of institution
217 words·~1 min read·
/az/title-15/15-1485A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No monies derived from the sale of bonds under the provisions of this article shall be required to be paid into the state treasury but shall be deposited by the treasurer of the board in a separate bank account or accounts in such bank or banks or trust company or trust companies as may be designated by the board, and all deposits of such monies shall, if required by the board, be secured by obligations of the United States of America of a market value equal at all times to the amount of the deposit, and all banks and trust companies are authorized to give such security.
Such monies shall be considered as held for and on behalf of the institution for which the bonds have been issued. Such monies shall be disbursed as may be directed by the board and in accordance with the terms of any agreements with the holder or holders of any bonds. This section shall not be construed as limiting the power of the board to agree in connection with the issuance of the bonds as to the custody and disposition of the monies received from the sale of such bonds or the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders thereof.