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Code · Arizona · Title 41 — Public Resources

41-5759. Investment of monies in school facilities revenue bond proceeds fund

114 words·~1 min read·/az/title-41/41-5759

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. As provided by section 41-5761, the board may authorize the state treasurer or bond trustee to invest monies in the school facilities revenue bond proceeds fund established by section 41-5753.
B. The order directing an investment shall state a specified time when the proceeds from the sale of the bonds will be used. The state treasurer or bond trustee shall make the investment in such a way as to mature at the specified date.
C. All monies earned as interest or otherwise derived from the investment of the monies in the school facilities revenue bond proceeds fund shall be credited to the school facilities revenue bond debt service fund established by section 41-5754.
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