AZ HB2242

Amends Arizona Revised Statutes section 35-324 regarding investment of trust funds by the state treasurer.

Clarifies that trust funds may be invested in securities allowed for public monies and fixed income securities of corporations organized in any U.S. state or District of Columbia with the two highest ratings from Moody's or Standard & Poor's.

Removes provisions regarding security lending by permanent endowment funds and the collateralization requirements for such loans.

Removes provisions allowing permanent endowment securities to be sold below par or cost if proceeds are reinvested in higher-yielding securities.