Arizona § 15-1668 - Deposits of universities monies to be secured; exception
Full text of Arizona Arizona Revised Statutes § 15-1668 — Deposits of universities monies to be secured; exception, with citation guidance and answers to common questions.
§ 15-1668. Deposits of universities monies to be secured; exception
A. Monies deposited by the universities shall be secured by regularly issued and interest-bearing bonds of the United States government or state, county, municipal or school district improvement bonds of this state of a market value equal at all times to the amount of the deposits, and all public depositories are directed to give such security.
B. The public depository may, in lieu of depositing bonds described in this section, deposit the safekeeping receipt of a federal reserve bank or any bank located in a central reserve city whose combined capital and surplus on the date of the safekeeping receipt is ten million dollars or more, evidencing the deposit therein of such securities. The safekeeping receipt shall be endorsed or assigned to the comptroller of the respective institution making the deposit.
C. The condition of the deposit of securities, or a safekeeping receipt in lieu thereof, shall be that the public depository will upon lawful demand therefor promptly pay the monies in its custody to the institution making the deposit.
D. Notwithstanding the requirements of this section, any public depository under the provisions of title 35, chapter 2 may accept deposits of public monies to the total authorized insurance on accounts insured by the federal deposit insurance corporation or the federal savings and loan insurance corporation without depositing a surety bond or securities in lieu of such security bond.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 15-1668
What does Arizona Revised Statutes § 15-1668 cover?
Section 15-1668 ("Deposits of universities monies to be secured; exception") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 15-1668?
A common citation format is "Arizona Revised Statutes § 15-1668" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 15-1668 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.