bullion depository; state monies; treasurer
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill amends Arizona’s state statutes to clarify the types of investments the State Treasurer can make with trust and treasury monies. Specifically, it allows the treasurer to invest in physical gold and silver bullion, subject to certain conditions including holding it in a secure, US-based depository and limiting the investment to 10% of total funds. The bill also addresses the handling of defaulted county warrants and the investment of operating monies in state transportation board funding obligations.
Key provisions
- Allows investment in physical gold and silver bullion up to 10% of trust/treasury monies.
- Specifies requirements for the secure storage of gold and silver bullion (US depository, insurance, audits).
- Addresses the handling of defaulted county warrants, allowing the treasurer to withhold revenues.
- Outlines investment guidelines for operating monies, including the ability to invest in state transportation board funding obligations.
- Establishes a minimum balance requirement ($800 million average) before the treasurer is required to invest in state transportation board funding obligations.
- Details the interest rate calculation for state transportation board funding obligations.
- Provides procedures for calling investments in state transportation board funding obligations when operating monies fall below certain thresholds.
- Permits loaning of securities owned by investment pools.
Who is affected
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Primary sponsor
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