5-1132. General fund; investments
185 words·~1 min read·
/az/title-5/5-1132A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Conditionally Rpld.)
A. The authority shall maintain a general fund and may establish accounts and subaccounts within the general fund as necessary and convenient. All revenues and monies received by the authority shall initially be deposited in the general fund.
B. The authority may invest any unexpended monies in the fund as provided in title 35, chapter 2. Interest and other income from investments of monies in any account shall be credited to that account except as otherwise provided by law.
C. The authority's investments must mature when the fund assets will be required for the purposes of this chapter. If the liquid assets in the fund or any account or subaccount become insufficient to meet the statutory obligations, the authority board shall direct the authority's fiscal agent to liquidate sufficient securities to meet all of the current obligations and immediately notify the district board of directors and the auditor general of the insufficiency. The auditor general shall investigate and audit the circumstances surrounding the depletion of the fund, account or subaccount and report the findings to the authority board and the board of directors.