A.R.S. § 35-1205: Authority to make public deposits

A. All public depositors may make public deposits under the depositor's control in eligible depositories. The eligible depository shall secure any uninsured public deposits pursuant to this chapter or in accordance with the procedures prescribed in section 35-323.01.

B. Local officials handling public deposits in this state may not require from an eligible depository any pledge of collateral for the deposits in excess of the requirements of this chapter.