The board may, by resolution, order that any of the monies in the funds under its control which are not necessary for current operating expenses be invested in any obligation, bonds or securities in which a city or county could invest such funds, provided that:

Terms Used In Arizona Laws 40-1142

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

1. Any such investment shall be made in such a manner that the monies in such funds will be available at the times and in the amounts necessary to accomplish the purpose for which such funds were established.

2. No such investment shall be made in contravention of any provision or covenant in any proceedings for the authorization and issuance of bonds, notes, contracts or other evidences of indebtedness.

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