Arizona Places Funds In Local CUs
PHOENIX – The Arizona Treasurer last week announced it will accept bids from local credit unions and banks for the placement of state deposits.
Each month, the Treasurer’s office will entertain bids from local credit unions and banks for the placement of up to $250,000 in cash per institution for either one-month, three-month, six-month, one-year, two-year or five-year products that are fully insured with the FDIC or the National CU Share Insurance Fund.
“Investing a portion of Arizona taxpayer dollars in local banks can have a very positive economic impact,” said Treasurer Doug Ducey.
The program asks credit unions and banks interested in receiving these investments to provide the Treasurer’s Office with their bids five business days prior to end of each month. Awarded bids will settle on the first business day of the following month. Each institution is encouraged to quote rates for all maturities they offer. Once bids are received, the Treasurer’s Office will notify each institution if their bid is accepted. For 2011, bids can be e-mailed to firstname.lastname@example.org.