28-8604. Advanced air mobility fund

171 words·~1 min read·/az/title-28/28-8604

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The advanced air mobility fund is established. The state treasurer shall administer the fund. Monies in the fund are subject to legislative appropriation and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. The state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund. The fund consists of the following:

1. Monies appropriated by the legislature.

2. Any nonfederal gifts, grants, donations or other monies received by the state treasurer from any public or private source for transportation projects.

B. The monies in the fund shall be used to:

1. Purchase advanced air mobility vehicles that are capable of carrying passengers or cargo for testing and demonstration purposes of the ability to use the advanced air mobility vehicles.

2. Construct vertiports.

C. Before any expenditure is made from the fund, the state treasurer and the department shall submit an expenditure plan for review to the joint committee on capital review.