A.R.S. § 48-3219.05

Notwithstanding any other law, all bonds, including refunding bonds, issued pursuant to this chapter are 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 this state, or of any county, municipality or other political subdivision of this state, and are 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 monies.