HB 2073 Summary

• Amends multiple Arizona statutes to allow government entities and pension funds to invest monies through eligible depositories in federally insured deposits at banks and savings and loan associations nationwide, subject to conditions specified in section 35-323.01.

• Establishes that deposits placed through this reciprocal deposit arrangement procedure do not require collateral or security, provided the full principal and accrued interest are federally insured.

• Applies the new deposit investment provisions to state agencies, political subdivisions, municipalities, school districts, police pension funds, firefighter pension funds, hospital districts, and water/power authorities.

• Makes conforming changes to statutory language throughout Arizona Revised Statutes, including grammatical corrections (changing "upon" to "on," "Interest bearing" to "Interest-bearing," and updating male pronouns to gender-neutral language).

• Became effective upon Governor's approval on March 21, 2017.