2016 Arizona Revised Statutes
Title 48 - Special Taxing Districts
§ 48-6652 General fund; investments
48-6652. General fund; investments
(Conditionally Rpld. Delayed Rpld.)
A. The district shall maintain a general fund and may establish accounts and subaccounts within the general fund as necessary and convenient. All revenues and monies received by the district shall be deposited in the general fund.
B. The district 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 district'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 district's obligations, the board shall direct the fiscal agent 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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