48-5175. Bonds; legal investments Bonds issued under this article are made securities: 1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them: (a) Public officers and bodies of this state. (b) Municipalities and political subdivisions of this state. (c) Insurance companies and associations and other persons carrying on an insurance business. (d) Banks, bankers, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business. (e) Administrators, guardians, executors, trustees and other fiduciaries. (f) Other persons authorized to invest in bonds or other obligations of this state. 2. That may be deposited with and may be received by all public officers and bodies of this state and all municipalities and political subdivisions of this state for any purpose for which the deposit of bonds or other obligations of this state is authorized.
Arizona Legal Code