2021 Arizona Revised Statutes
Title 28 - Transportation
§ 28-476 - State vehicle replacement fund; exemption
28-476. State vehicle replacement fund; exemption
A. The state vehicle replacement fund is established consisting of payments received from agencies for the vehicle replacement rate pursuant to section 28-472, subsection E, proceeds from the sale of surplus motor vehicles and legislative appropriations. The department may separately account for each agency that pays a vehicle replacement rate pursuant to section 28-472, subsection E.
B. The department shall administer the fund. Monies in the fund are subject to legislative appropriation and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. On notice from the department, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.
C. Notwithstanding subsection B of this section, if an agency's separate account includes monies that are restricted in purpose by state or federal law, the agency shall administer the separate account.
