5-1432. General fund; investments
178 words·~1 min read·
/az/title-5/5-1432A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 general 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 board shall direct the authority's fiscal agent to liquidate sufficient securities to meet all of the current obligations and immediately notify the board and the auditor general of the insufficiency. The auditor general shall review the circumstances surrounding the depletion of the fund, account or subaccount and report the results of the review to the joint legislative audit committee.