A.R.S. § 48-6281: Investment of monies in the bond proceeds account

(Conditionally Rpld.)

A. The board may authorize the district fiscal agent to invest monies in the bond proceeds account in the manner prescribed by section 48-6283.

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 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 account shall be used to pay all bonds, interest and other charges related to bonds issued under article 4 of this chapter.