In this chapter, unless the context otherwise requires:
Terms Used In Arizona Laws 35-1201
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. "Administrator" means the statewide collateral pool administrator.
2. "Default or insolvency" includes the failure or refusal of any eligible depository to return any public deposit on demand or at maturity and the issuance of an order of supervisory authority restraining that depository from making payments of deposit liabilities or the appointment of a receiver for that depository.
3. "Defaulting depository" means any eligible depository determined to be in default or insolvent.
4. "Eligible collateral" means any collateral that is authorized pursuant to section 35-323.
5. "Eligible depository" has the same meaning prescribed in section 35-321.
6. "Public deposit":
(a) Means public monies deposited in an eligible depository pursuant to this chapter.
(b) Does not include monies that have been collateralized pursuant to regulations adopted by the United States department of housing and urban development.
7. "Public depositor":
(a) Means this state or any county, city, town or other political subdivision of this state, including any commission, institution, committee, board or officer and any state court.
(b) Does not include a charter school, a native American tribe or tribal entity, a federal agency or a housing authority, provided that the housing authority deposits are secured in accordance with regulations or guidelines of the United States department of housing and urban development.
8. "Public monies" means monies belonging to or received or held by officers of public depositors in their official capacity.
9. "Qualified escrow agent" means any bank or trust company that is qualified to hold collateral pledged to secure public deposits pursuant to section 35-1208.
10. "Required collateral" means the amount of eligible collateral required for an eligible depository to secure public deposits set by the policies and procedures of the administrator.