5-539. Investment of monies; funds
203 words·~1 min read·
/az/title-5/5-539A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The director may authorize the state treasurer or bond trustee to invest monies in the state lottery revenue bond proceeds fund and the state lottery revenue bond debt service fund.
B. The order directing an investment may state a specified time when the monies invested 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 state lottery revenue bond proceeds fund and the state lottery revenue bond debt service fund shall be credited to the state lottery revenue bond debt service fund established by section 5-534.
D. At the direction of the director, the state treasurer or bond trustee may invest or reinvest monies in the state lottery revenue bond proceeds fund and the state lottery revenue bond debt service fund in investments authorized by section 35-313. The purchase of the securities shall be made by the state treasurer or bond trustee on authority of the director. The treasurer or bond trustee shall act as custodian of all securities purchased. The securities may be sold on an order of the director.