Arizona Revised Statutes Title 48. Special Taxing Districts § 48-3715.03. Arizona water banking fund; disbursement of monies

A. The district's board of directors shall annually determine by resolution whether all or any part of the tax levied pursuant to § 48-3715.02, subsections B and C shall be applied to the repayment of the construction costs of the central Arizona project including interest owed on district repayment contracts or to the annual operation, maintenance and replacement costs of the central Arizona project. When the district's board adopts such a resolution, a certified copy of the resolution shall be delivered to the department of water resources and those monies specified in the resolution shall be deposited, pursuant to §§ 35-146 and 35-147, in the district fund established pursuant to § 48-3712, subsection A, paragraph 5.

B. Any taxes that are levied pursuant to § 48-3715.02, subsections B and C and that are not deposited in the district fund established pursuant to § 48-3712, subsection A, paragraph 5 shall be deposited, pursuant to §§ 35-146 and 35-147, in the Arizona water banking fund established by § 45-2425.