Arizona Laws 36-1415. Housing bonds as security or legal investment
A. The bonds or other obligations of a public housing authority, city, town or county issued for a housing project under the authority of this article or other law of this state, or issued by any public housing authority or agency of the United States, and secured by a pledge of annual contributions to be paid by the United States government or any agency thereof, shall constitute:
Terms Used In Arizona Laws 36-1415
- Bonds: means bonds, notes, interim certificates, debentures or other obligations issued by a public housing authority, city, town or county pursuant to this article. See Arizona Laws 36-1401
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- housing authority: means an agency of a city, town or county created and controlled pursuant to this article. See Arizona Laws 36-1401
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. Authorized security for the deposit of public monies.
2. Authorized security for use in compliance with any law requiring deposits of securities to be made with any public agency.
3. Legal investments for monies subject to investment, held by or under the control of any officer or public body of the state or of any political subdivision or municipal corporation.
4. Legal investments for the sinking funds, trust funds or other monies belonging to or under the control of:
(a) Banks, savings banks and other persons carrying on a banking business.
(b) Insurance companies and other persons carrying on an insurance business.
(c) Executors, administrators, guardians, trustees or other fiduciaries.
B. This article does not relieve any public officer, corporation, fiduciary or other person from the duty of exercising reasonable care in the selection of securities.