A.R.S. § 41-5808: Investment of monies in impact aid revenue bond building fund

A. If monies in the impact aid revenue bond building fund are not required to be used for a period of ten days or more, the governing board may authorize their investment.

B. The order directing an investment shall state a specified time when the proceeds from the sale of the bonds will be used. The governing board shall make the investment in such a way as to mature at the specified date.

C. All monies earned as interest or otherwise derived from the investment of the monies in the impact aid revenue bond building fund shall be credited to the impact aid revenue bond debt service fund.