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Code · Arizona · Title 5 — Amusements and Sports

5-534. State lottery revenue bond debt service fund

228 words·~1 min read·/az/title-5/5-534

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

A. The state lottery revenue bond debt service fund is established. The fund shall consist of monies transferred pursuant to law. The department shall administer and account for the state lottery revenue bond debt service fund.
B. If the director issues state lottery revenue bonds:
1. Amounts distributable to the state general fund from the state lottery fund pursuant to section 5-522 shall be transferred first to the state lottery bond debt service fund until the state lottery bond debt service fund contains monies sufficient to meet all requirements for the current period as required by the bond documents and, after the requirements for the current period as required by the bond documents have been satisfied, shall be transferred to the state general fund.
2. After payment of the state lottery operating expenses, amounts distributable from the state lottery fund pursuant to section 5-572 shall be transferred first to the state lottery bond debt service fund until the state lottery bond debt service fund contains monies sufficient to meet all requirements for the current period as required by the bond documents and, after the requirements for the current period as required by the bond documents have been satisfied, shall be transferred in accordance with section 5-572.
C. Monies in the state lottery revenue bond debt service fund may be used only for the purposes authorized by this article.
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