Arizona Revised Statutes § 48-619 Revolving Fund; Lapsing Provisions; Separate Fund

48-619. Revolving fund; lapsing provisions; separate fund

A. The governing body may create a revolving fund to aid in the construction of public improvements under this article and article 1 of this chapter. The governing body may provide for transfers into such fund from any lawful source.

B. All unexpended balances of appropriations from the fund remaining after the appropriations lapse according to law shall revert to the fund.

C. The fund established pursuant to this section shall be kept separate and apart from all other funds.

D. The monies in the revolving fund may be used to purchase bond anticipation notes, to aid in the payments made to the construction contractor, to provide for the payment of the city's share of any improvement authorized under this article or to provide monies to pay the assessments levied against public property.

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Last modified: October 13, 2016