Ariz. Rev. Stat. § 41-5791 – Authorized investments of fund monies

A. On notice from the board, the state treasurer or bond trustee shall invest and divest monies in either the school improvement revenue bond proceeds fund or the school improvement revenue bond debt service fund in any of the following:
1. 1. Obligations issued or guaranteed by the United States or any of the senior debt of its agencies, sponsored agencies, corporations, sponsored corporations or instrumentalities.
2. 2. State, county or municipal bonds that are issued in this state and on which the payments of interest have not been deferred.
3. 3. Investment agreements and repurchase agreements collateralized by investments described in paragraph 1 of this subsection.
B. The purchase of the securities shall be made by the state treasurer or bond trustee on authority of a resolution of the board. The treasurer or bond trustee shall act as custodian of all securities purchased. The securities may be sold on an order of the board.