Arizona Revised Statutes Title 28. Transportation § 28-476. State vehicle replacement fund; exemption

A. The state vehicle replacement fund is established consisting of payments received from agencies for the vehicle replacement rate pursuant to § 28-472, subsection E, proceeds from the sale of surplus motor vehicles and legislative appropriations. The department may separately account for each agency that pays a vehicle replacement rate pursuant to § 28-472, subsection E.

B. The department shall administer the fund. Monies in the fund are subject to legislative appropriation and are exempt from the provisions of § 35-190 relating to lapsing of appropriations. On notice from the department, the state treasurer shall invest and divest monies in the fund as provided by § 35-313, and monies earned from investment shall be credited to the fund.

C. Notwithstanding subsection B of this section, if an agency's separate account includes monies that are restricted in purpose by state or federal law, the agency shall administer the separate account.