Arizona Laws 48-619. Revolving fund; lapsing provisions; separate fund
A. The governing body may create a revolving fund to aid in the construction of public improvements under this article and article 1 of this chapter. The governing body may provide for transfers into such fund from any lawful source.
Terms Used In Arizona Laws 48-619
- city: includes incorporated cities and towns. See Arizona Laws 48-571
- Contractor: includes the contractor's personal representative or assignee. See Arizona Laws 48-571
- governing body: includes and means the body or board which by law is constituted the legislative department of an incorporated city or town. See Arizona Laws 48-571
- improvement: includes any or all of the improvements mentioned and authorized to be made in this and article 1 of this chapter and the construction, reconstruction and repair of all or any portion of the improvements, and all labor, services, incidental expenses and material necessary or incidental to the construction, reconstruction or repair. See Arizona Laws 48-571
- 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 according to law shall 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, to aid in the payments made to the construction contractor, to provide for the payment of the city‘s share of any improvement authorized under this article or to provide monies to pay the assessments levied against public property.