Arizona Revised Statutes Title 49. The Environment § 49-1273. Water supply development revolving fund; purposes

A. Monies in the water supply development revolving fund may be used for the following purposes:

B. If the monies pledged to secure water supply development bonds issued pursuant to § 49-1278 become insufficient to pay the principal and interest on the water supply development bonds guaranteed by the water supply development revolving fund, the authority shall direct the state treasurer to liquidate securities in the fund as may be necessary and shall apply those proceeds to make current all payments then due on the bonds. The state treasurer shall immediately notify the attorney general and auditor general of the insufficiency. The auditor general shall audit the circumstances surrounding the depletion of the fund and report the findings to the attorney general. The attorney general shall conduct an investigation and report those findings to the governor and the legislature.