48-4887. Payment of interest coupons; investment of bond fund monies The secretary-treasurer of the district shall: 1. Pay matured interest coupons from bonds of the district 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 which shall be kept in the bond fund and may be used to redeem bonds of the district, on the request of the holders, either by exchanging them for bonds of the district or by converting them into cash.
Arizona Legal Code