48-5170. Regional public transportation authority monies; treasurer; investments A. No monies derived from the sale of bonds issued under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds may be required to be paid into the state or county treasury. B. The authority may appoint a treasurer or fiscal agent to hold, deposit or invest the authority's monies. C. Monies derived from the sale of bonds issued under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds: 1. May be invested in obligations issued or guaranteed by the United States or any of the senior debt of its agencies, sponsored agencies, corporations, sponsored corporations or instrumentalities or shall be deposited by the treasurer or other fiscal officer of the board in the banks or trust companies as designated by the board and, if required by the board, shall be secured by obligations of the United States. 2. Shall be disbursed as the board may direct and according to the terms of any agreements with the holder or holders of any bonds. D. the board, shall be secured by obligations of the United States. 2. Shall be disbursed as the board may direct and according to the terms of any agreements with the holder or holders of any bonds. D. This section does not limit the power of the board to agree in connection with the issuance of any of its bonds as to the custody and disposition of the monies received from the sale of the bonds or from the income and revenues pledged or assigned to or in trust for the benefit of the holder or holders of the bonds.
Arizona Legal Code