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Code · Arizona · Title 32 — Partnership

32-3074. Deposit of assessments

151 words·~1 min read·/az/title-32/32-3074

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

A. The assessments and student record request fees received by the board for deposit in the fund shall be held in trust to carry out the purposes of the fund. On notice from the board, 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.
B. The monies deposited in the fund are continuously appropriated to the board to carry out the purposes of the fund.
C. Any monies unexpended and unencumbered in the fund at the close of a fiscal year shall not revert to the state general fund.
D. Monies held in the fund shall be available only to satisfy valid claims submitted to the board by persons who provide educational records and who are injured and are exempt from execution and from all claims by an institution's creditors or other claimants.
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