Arizona Laws 3-2607. Commercial feed trust fund; exemption
A. The commercial feed trust fund is established for the exclusive purpose of implementing, continuing and supporting the agricultural program established by this article. All monies collected under this article shall be deposited in the trust fund.
Terms Used In Arizona Laws 3-2607
- ALIRT agreement: means the Arizona livestock incident response team agreement established between the department and a university under the jurisdiction of the Arizona board of regents. See Arizona Laws 3-2601
- 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
- Commercial feed: means all materials, except whole seeds unmixed or physically altered entire unmixed seeds, that are distributed for use as feed or for mixing in feed. See Arizona Laws 3-2601
- Distribute: means to offer for sale, sell, barter or otherwise supply commercial feeds or customer-formula feeds, but does not include or apply to any feeds supplied for consumption on the premises of the supplier. See Arizona Laws 3-2601
- 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. Each year the director shall distribute not more than fifty thousand dollars from the trust fund to execute the ALIRT agreement.
C. The state treasurer shall accept, separately account for and hold in trust any monies deposited in the state treasury, that are considered to be trust monies as defined in section 35-310 and that 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.
D. The beneficiary of the trust is the agricultural program established by this article. The trust fund shall be used solely for the purposes of this article on the order of the director.
E. The commercial feed trust fund is exempt from the provisions of section 35-190 relating to lapsing appropriations. Surplus monies, including any unexpended and unencumbered balance at the end of the fiscal year, do not revert to the state general fund.