28-8534. Bonds; legal investments Bonds and refunding bonds issued pursuant to this article are: 1. Securities in which all of the following may properly and legally invest: (a) Public officers and bodies of this state and of political subdivisions of this state. (b) Companies, associations and other persons carrying on an insurance business. (c) Financial institutions, investment companies and other persons carrying on a banking business. (d) Fiduciaries. (e) Other persons who are authorized to invest in government obligations. 2. Securities that may be deposited with public officers or bodies of this state and political subdivisions of this state for purposes that require the deposit of government bonds or obligations.
Arizona Legal Code