Ariz. Rev. Stat. § 15-1693
The state and all counties, cities, towns and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any debt service funds, monies or other funds belonging to them or within their control in any bonds issued pursuant to this article, it being the purpose of this section to authorize the investment in such bonds of all debt service, insurance, retirement compensation, pension and trust funds, whether owned or controlled by private or public persons or officers, except that nothing contained in this section may be construed as relieving any person, firm or corporation from any duty of exercising reasonable care in selecting securities for purchase or investment.
A.R.S. § 15-1693