Arizona Laws 5-871. Investment of monies in the bond proceeds subaccount
Current as of: 2023 | Check for updates
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A. The board may authorize the treasurer or fiscal agent of the authority to invest monies in the bond proceeds subaccount in the manner prescribed by section 5-873.
Terms Used In Arizona Laws 5-871
- Authority: means the tourism and sports authority. See Arizona Laws 5-801
- Board: means the board of directors of the authority. See Arizona Laws 5-801
- Bonds: means the bonds of the authority issued pursuant to this article. See Arizona Laws 5-861
B. The order directing an investment shall state a date on which the proceeds from the sale of the bonds will be needed for use, and the treasurer or fiscal agent shall make the investment in such a way as to mature on or before the specified date.
C. All monies earned as interest or otherwise derived from the investment of the monies in the bond proceeds subaccount shall be credited to that subaccount.