The Treasurer serves as the state's chief financial officer charged with the prudent custody and management of state monies. The Treasurer is elected to serve a four year term and can serve a maximum of two consecutive terms. The Treasurer is third in line of succession to the Governor, serves as the Chairman of the State Board of Investment, as the State Surveyor General and sits on the State Land Selection Board. The primary responsibilities of the office include the receipt, safekeeping, investment and disbursement of monies belonging to the state, as well as the safekeeping of investment securities and performance bonds held in trust on behalf of state agencies. By investing in the LGIP, participants are able to benefit from the substantial aggregate buying power of the state portfolio, as well as a pool of monies from other participants.
Participants enjoy safety of principal,daily liquidity, and competitive yields.
The LGIP-GOV is established under the same administrative rules as the LGIP, except that pool investments are limited to those securities that carry the full faith and credit of the United States Government. In addition to the management of the LGIP and LGIP-GOV, the Treasurer's Office operates 19 other investment pools, including Arizona Department of Transportation bond proceeds, and state agency monies. The portfolio includes approximately 650 different issues. The securities range from repurchase agreements and commercial paper to collateralized mortgage obligations and corporate bonds. Maturities range from overnight to thirty years.