Arizona Revised Statutes Title 49. The Environment § 49-1302. Long-term water augmentation fund

A. The long-term water augmentation fund is established to be maintained in perpetuity consisting of all of the following:

B. Monies in the fund are continuously appropriated and are exempt from the provisions of § 35-190 relating to lapsing of appropriations. On notice from the authority, the state treasurer shall invest and divest monies in the fund as provided in §§ 35-313 and 35-314.03, and monies earned from investment shall be credited to the fund.

C. All monies shall be deposited, pursuant to §§ 35-146 and 35-147, in the fund and shall be held in trust. The monies in the fund may not be appropriated or transferred by the legislature to fund the general operations of this state or to otherwise meet the obligations of the state general fund unless approved by a three-fourths vote of the members of each house of the legislature.

D. The authority shall administer the fund. The authority shall establish as many other accounts and subaccounts as required to administer the fund. If any long-term water augmentation bonds are issued under § 49-1309, the authority shall establish one or more bond proceeds accounts and one or more bond debt service accounts as necessary to accurately record and track bond proceeds and debt service revenues.

E. The authority shall use the monies and other assets in the fund solely for the purposes authorized by this chapter.

F. Monies in the fund may be used for securing long-term water augmentation bonds of the authority.