35-467.05. Investment of note proceeds; period of investment covenants A. Note proceeds may be invested in any of the following: 1. Bonds or other evidences of indebtedness of the United States or any of its agencies or instrumentalities if such obligations are guaranteed as to principal and interest by the United States or by the agency or instrumentality. 2. Bonds or other evidences of indebtedness of this state, counties, cities, towns or school districts. 3. Interest-bearing savings accounts or certificates of deposit of banks or savings and loan associations doing business in this state if such banks or savings and loan associations are insured by the federal deposit insurance corporation or the federal savings and loan insurance corporation. Amounts in excess of those covered by federal insurance must be secured by the depository to the same extent and in the same manner as required by the general depository law of this state. 4. The local government pooled investment fund established pursuant to section 35-326. 5. Deposits placed in accordance with the procedures prescribed in section 35-323.01. B. tory law of this state. 4. The local government pooled investment fund established pursuant to section 35-326. 5. Deposits placed in accordance with the procedures prescribed in section 35-323.01. B. A resolution pertaining to the issuance of notes may contain covenants prescribing the period that proceeds may be invested and the maximum yield on such investments during any period mentioned in the covenant.
Arizona Legal Code