Arizona Laws 3-234. Seed law trust fund
A. A seed law trust fund is established for the exclusive purpose of implementing, continuing and supporting the agricultural program established by this article. All monies collected pursuant to section 3-233 shall be deposited in the seed law trust fund.
Terms Used In Arizona Laws 3-234
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Trustee: A person or institution holding and administering property in trust.
B. The director shall administer the trust fund as trustee. The state treasurer shall accept, separately account for and hold in trust any monies deposited in the state treasury, which are considered to be trust monies as defined in section 35-310 and which shall not be commingled with any other monies in the state treasury except for investment purposes. On notice from the director, the state treasurer shall invest and divest any trust fund monies deposited in the state treasury as provided by sections 35-313 and 35-314.03, and monies earned from investment shall be credited to the trust fund. Surplus monies, including any unexpended and unencumbered balance at the end of the fiscal year, do not revert to the state general fund.
C. The beneficiary of the trust is the agricultural program established by this article. All monies in the seed law trust fund are to be spent as directed by the director to carry out the provisions of this article.