Arizona Laws 48-2082. Revolving fund; lapsing provisions; separate fund
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A. The board may establish a revolving fund to aid the construction of public improvements under this chapter. The board may provide for transfers into such fund from any lawful source.
Terms Used In Arizona Laws 48-2082
- Board: means the board of directors of the district or the board of supervisors acting as the board of directors pursuant to section 48-2010. See Arizona Laws 48-2041
- Contractor: means a contractor or a personal representative or assignee of a contractor. See Arizona Laws 48-2041
- improvement: means any of the improvements authorized to be made by this article, the construction, reconstruction and repair of all or part of the improvements and labor, services, incidental expenses and material necessary or incidental to the improvements. See Arizona Laws 48-2041
- Property: includes both real and personal property. See Arizona Laws 1-215
B. All unexpended balances of appropriations from the fund remaining after the appropriations lapse revert to the fund.
C. The fund established pursuant to this section shall be kept separate and apart from all other funds.
D. The monies in the revolving fund may be used to purchase bond anticipation notes, aid in the payments made to the construction contractor, provide for the payment of the district’s share of any improvement authorized under this article or provide monies to pay the assessments levied against public property.