AZ SB1449

Amends Arizona Revised Statutes sections 35-323, 35-1201, and 35-1207 regarding the handling and investment of public funds by treasurers and eligible depositories.

Modifies collateral requirements for deposits exceeding federal deposit insurance coverage, changing the required collateral amount to 102 percent of public deposits less applicable deposit insurance, valued at current market value.

Removes the requirement that registered warrants of the state, counties, or political subdivisions be accepted as collateral, and eliminates provisions allowing first mortgages and trust deeds as collateral for public deposits.

Updates definitions in the statewide collateral pool law to clarify what constitutes "public deposits," "public depositors," and "public monies," and excludes charter schools, Native American tribes, federal agencies, and certain housing authorities from the definition of public depositor.

Requires the statewide collateral pool administrator to provide written consent before any withdrawal of pledged collateral, while allowing substitutions with notification to the administrator.