A. The Arizona state veterans’ cemetery trust fund is established consisting of monies, grants, gifts and contributions donated to the fund from any public or private source. The director shall hold the monies in trust to manage and maintain the southern Arizona veterans’ cemetery, the Arizona veterans’ memorial cemetery at Camp Navajo and the Arizona veterans’ memorial cemetery at Marana.

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B. The director shall deposit the donations to the fund, pursuant to sections 35-146 and 35-147, in the fund.

C. Monies in the fund are:

1. Subject to state auditing procedures.

2. Continuously appropriated.

3. Exempt from the provisions of section 35-190 relating to lapsing of appropriations.

D. On notice from the director, the state treasurer shall invest and divest monies in the fund as provided by section 35-313. The state treasurer shall credit to the fund monies earned from the investments.