Arizona Laws 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.
Terms Used In Arizona Laws 28-476
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
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.