A.R.S. § 48-3759

Notwithstanding any law to the contrary, all bonds and refunding bonds 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 this state or of any political subdivision of this state and constitute securities that may be deposited by banks, savings and loan associations or trust companies as security for deposits of state, county, municipal and other public monies.