45-1976. Payment of interest coupons; investment of bond fund monies The secretary-treasurer of the authority shall: 1. Pay matured interest coupons from bonds of the authority from the bond fund. 2. Invest monies in the bond fund, under direction of the board, in bonds of the United States or this state that shall be kept in the bond fund and that may be used to redeem bonds of the authority, on the request of the holders, either by exchanging them for bonds of the authority or by converting them into cash.
Arizona Legal Code