ARS § 35-465.05

35-465.05 - Investment of tax anticipation note proceeds; period of investment covenants 35-465.05 . Investment of tax anticipation note proceeds; period of investment covenants A. Tax anticipation note proceeds and taxes pledged to repay the tax anticipation notes may be invested by the treasurer in any securities or deposits eligible for investment of public monies pursuant to chapter 2, article 2.1 of this title or, if taxes, in the same manner such taxes could have been invested if the notes had not been issued. B. A resolution pertaining to the issuance of tax anticipation notes may contain covenants prescribing the period that proceeds may be invested and the maximum yield on such investments during any period mentioned in the covenant. C. Investment income received from tax anticipation note proceeds and taxes set aside to pay the tax anticipation notes shall be applied against the tax anticipation note interest expense incurred on the same tax anticipation notes as a reduction of the expenditure, except that the reduction of expenditure shall not exceed the amount of actual tax anticipation note interest expense. In making such calculation, taxing districts may combine the investment income from all series of tax anticipation notes issued within a fiscal year and also combine all tax anticipation note interest expense to be incurred from such issuance.