Arizona Revised Statutes § 5-832 General Fund; Investments

5-832. General fund; investments

A. The authority shall maintain a general fund, divided into a construction account, a facility revenue clearing account and a tourism revenue clearing account. The authority may establish additional accounts and subaccounts as necessary and convenient. All revenues and monies received by the authority shall initially be deposited in accounts and subaccounts in the general fund as provided by law.

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 become insufficient to meet the authority's obligations, the board shall direct the treasurer to liquidate sufficient securities to meet all of the current obligations and immediately notify the auditor general of the insufficiency. The auditor general shall investigate and audit the circumstances surrounding the depletion of the fund and report the findings to the board.

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Last modified: October 13, 2016