AZ SB1289

Amends Arizona Revised Statutes section 35-323 regarding investment of public monies by the state treasurer.

Expands eligible investments to include negotiable or brokered certificates of deposit issued by nationally or state chartered banks or savings and loan associations.

Modifies commercial paper rating requirements from specific ratings ("P1" by Moody's or "A1" by Standard and Poor's) to a more flexible standard of "top two ratings by a nationally-recognized rating agency."

Modifies corporate bond rating requirements from "A or better" to "top three ratings by a nationally-recognized rating agency."

Extends the maximum maturity period for public operating fund investments from three years to five years, aligning with the general investment maximum maturity period.