49-1271. Water supply development revolving fund

356 words·~2 min read·/az/title-49/49-1271

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

A. The water supply development revolving fund is established consisting of all of the following:

1. Monies received from the issuance and sale of water supply development bonds under section 49-1278.

2. Monies appropriated by the legislature to the water supply development revolving fund.

3. Monies received for water supply development purposes from the United States government.

4. Monies received as loan repayments, interest and penalties.

5. Interest and other income received from investing monies in the fund.

6. Gifts, grants and donations received for water supply development purposes from any public or private source.

7. Any other monies received by the authority in connection with the purpose of the water supply development revolving fund.

B. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations.

C. All monies shall be deposited, pursuant to sections 35-146 and 35-147, in the fund and shall be held in trust. On notice from the authority, the state treasurer shall invest and divest monies in the fund as provided in section 35-313, and monies earned from investment shall be credited to the fund. The monies in the fund may not be appropriated or transferred by the legislature to fund the general operations of this state or to otherwise meet the obligations of the state general fund unless approved by a three-fourths vote of the members of each house of the legislature. This subsection does not apply to any taxes or other levies that are imposed pursuant to title 42 or 43.

D. The authority shall administer the fund. The authority shall establish as many other accounts and subaccounts as required to administer the fund. If any bonds are issued under section 49-1278, the authority shall establish one or more bond proceeds accounts and one or more bond debt service accounts as necessary to accurately record and track bond proceeds and debt service revenues.

E. Monies and other assets in the fund shall be used solely for the purposes authorized by this chapter.

F. Monies in the fund may be used to secure water supply development bonds of the authority.