Arizona Revised Statutes § 48-5570 Capital Outlay Fund

48-5570. Capital outlay fund

A. The board of directors may establish a fund for capital outlays. After a capital outlay fund is established, the board of directors may transfer to the fund any unencumbered surplus monies remaining on hand in the district at the end of a fiscal year.

B. If a capital outlay fund is established, it shall be used only for capital outlay purposes, but if the board of directors finds that the fund is no longer necessary or that monies remain in the fund that are no longer required for capital outlay purposes, the board of directors, by a four-fifths vote of all members, may discontinue the fund or transfer as much of it as is no longer required for capital outlay purposes to the payment of outstanding bonds, or if there are none, to any fund for payment of current expenses of the district.

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Last modified: October 13, 2016