48-3200. Certified bonds as legal investment for savings bank or as security for public funds Bonds certified in accordance with the provisions of sections 48-3201 through 48-3205 shall be legal investments for funds of savings banks transacting business within the state, and may be deposited to secure public funds in the state. No savings bank in the state shall invest any of its funds in bonds of an irrigation district not certified, nor shall irrigation district bonds not so certified be available to secure public funds.
Arizona Legal Code