ARIZONA STATE SENATE
Phoenix, Arizona
state treasurer; technical
changes
Makes technical changes to conform
with existing standards for State Treasurer language.
Laws
2000, Chapter 193, made numerous corrections to fix inaccurate and obsolete
statutory language relating to the State Treasurer’s office. These changes were
related to creation of funds, deposit of monies, investment of monies and
various other statutes related to the State Treasurer’s Office.
According to the State
Treasurer’s Office, this bill continues the process of cleaning-up their
statutes.
1. References the appropriate statutes relating to the State Treasurer’s deposit process.
2. Changes the process from crediting to depositing funds that are moved from the new school facilities fund to the capitol reserve fund.
3. Changes existing bonds, public monies and state highway fund investment language with standardized language recommended by Legislative Council.
4. Repeals language relating to endorsement fund and securities sales.
5. Consolidates exiting language relating to equity investment of trusts and adds language that conforms to Article X of the Arizona State Constitution, which both restricts the stocks eligible for purchase and limits the percentage of a fund that may be invested in equity securities in the same institution to five percent.
6. Eliminates references to appropriations for the deficiencies correction fund, the building renewal fund and the state school facilities revenue bond debt service fund.
7. Specifies that monies resulting from the Arizona Power Authority’s operations are deposited in the Arizona Power Authority fund.
8. Specifies that the percentage of equity investment shall be calculated at cost.
9. Restricts the State Treasurer from investing monies from the state land funds and the budget stabilization fund in interest bearing securities.
10. Makes numerous technical changes
11. Provides for a general effective date.
Prepared by Senate Staff
January
18, 2000