A.R.S. § 48-2475

Notwithstanding any provisions of any other law to the contrary, all bonds, including refunding bonds, issued pursuant to this article shall constitute legal investments for savings banks, banks, savings and loan associations, trust companies, executors, administrators, trustees, guardians and other fiduciaries, and for any board, body, agency or instrumentality of the state of Arizona, or of any county, municipality or other political subdivision of this state, and shall constitute securities which may be deposited by banks, savings and loan associations or trust companies as security for deposits of state, county, municipal and other public funds.