AZ SB1135

Amends Arizona Revised Statutes sections 15-1025, 35-313, 35-323, and 35-323.01 relating to investment of public funds and government monies.

Changes terminology from "certificates of deposit purchased" to "deposits placed" in provisions governing school district debt service funds, state treasurer investments, and local treasurer investments.

Allows school districts, the state, and political subdivisions to invest monies in federally insured deposits at banks and savings and loan associations through eligible depositories, with full principal and accrued interest insured by the Federal Deposit Insurance Corporation.

Establishes that monies invested in deposits under section 35-323.01 are not subject to security or collateral requirements when all specified conditions are met, including that the eligible depository acts as custodian and receives equivalent deposits from other financial institutions on the same date.

Became effective upon Governor approval on March 21, 2012.