9-957. Powers and duties of board; investments;
review of decisions
A. The board may compel witnesses to attend and testify upon any matter pertaining
to this article, and its president or any member may administer oaths. The board may
provide for payment of its necessary expenses, except that no compensation is payable to
members of the board for duties performed under this article.
B. Funds which are not immediately required for the payment of pensions or benefits
under this article may be invested or reinvested, at the discretion of the board of
trustees, by the county treasurer or by the board of trustees, as follows:
1. In bonds of the United States.
2. In federal housing insured mortgage bonds of the United States.
3. In federal land bank bonds.
4. Any bonds upon which the payment of interest and principal are guaranteed by the
United States.
5. Bonds issued by any United States government instrumentality or federal agency
that qualify and are acceptable as security for public funds of the United States
government.
6. General obligation bonds of this state or of the counties, incorporated cities
and towns and school districts of this state.
7. Revenue bonds of the incorporated cities and towns of this state, Arizona board
of regents, Arizona power authority, or any other legally constituted state authority or
agency authorized by law to issue revenue bonds, except revenue bonds for recreational
purposes issued by cities and towns.
8. Bonds of agricultural improvement districts and agricultural improvement and
power districts organized under the laws of this state when issued or guaranteed, with
the approval of the secretary of the interior, by corporations operating a United States
reclamation project within the state.
9. Bonds of incorporated cities or towns of this state issued under the provisions
of sections 9-692 through 9-707.
10. First lien bonds of sanitary districts issued pursuant to title 48, chapter 14.
11. Registered warrants of the state, or registered county or school district
warrants when offered as security for monies of the county or school district by which
they are issued.
12. Interest bearing savings accounts or certificates of deposit in banks doing
business in this state whose accounts are insured by the federal deposit insurance
corporation, but only if such deposits in excess of the insured amount are secured by the
depository to the same extent and in the same manner as required by the general
depository law of the state.
13. Interest bearing savings accounts or certificates of deposit in savings and loan
associations doing business in this state, whose accounts are insured by the federal
savings and loan insurance corporation, but only if such deposits in excess of the
insured amount are secured by the depository to the same extent and in the same manner as
required by the general depository law of this state.
C. All matters pertaining to the benefits granted by this article to fire fighters
and their dependents shall be presented to the board, and any person aggrieved by a
decision of the board may at any time within thirty days after its decision petition for
a writ of certiorari, and the court may on final hearing reverse or affirm, wholly or
partly, or may modify, the decision reviewed.
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