A.R.S. § 35-314.03: State, tribal and political subdivision endowment funds; state investment authority

A. In addition to the investment authority in section 35-313, the state treasurer may invest and reinvest trust monies of this state, state agencies, political subdivisions and tribal nations in equity securities pursuant to section 35-314 for long-term endowment funds.

B. Monies shall not be taken from one endowment fund for deposit in any other endowment fund.

C. All monies in these endowment funds shall be invested in safe interest-bearing securities and prudent equity securities consistent with the requirements of section 35-314.

D. The earnings, interest, dividends and realized capital gains and losses from investment of each endowment fund shall be credited to that fund.

E. The governing body of any political subdivision, public trust or public entity, including tribal nations, by the adoption of a resolution of continuing effect, may authorize and request the state treasurer to invest trust monies into a long-term endowment and set forth the terms of the distributions from such endowment for the governing body pursuant to this section.