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Arizona Revised Statutes Title 9. Cities and Towns § 9-603. Use of fund monies

Current as of January 01, 2025 | Updated by Findlaw Staff

A. The monies in the Arizona convention center development fund shall be used only for the purposes specified in this chapter.

B. The state treasurer shall disburse monies from the fund as provided in § 9-602. Any amounts remaining in the fund after the distributions made pursuant to § 9-602, subsection C shall be held in reserve for the purposes of the distributions until the certificate of satisfaction of annual obligations is received by the state treasurer or until the first Monday in August if a certificate of completion of construction has not been previously filed pursuant to § 9-622.

C. A city that receives monies distributed from the fund:

1. Shall segregate and separately account for the monies and shall not commingle the monies from the fund with monies from any other source. Those monies shall be designated as a special fund of the eligible city, separate from the city's general fund. Any amount not immediately used to meet scheduled payments or current expenses shall remain in the special fund, shall not be transferred to the city's general fund and shall be used only for the permitted purposes in the future.

2. May use monies from the fund only for the following purposes in connection with an eligible project under § 9-605:

(a) The design, development, construction and related costs for a convention center and related development.

(b) Financing costs and any other costs incurred in connection with any financings undertaken to facilitate the accomplishment of the uses of the monies in the fund as provided in this section.

(c) Funding financial reserves created in connection with any financings undertaken to facilitate the accomplishment of the uses of the monies in the fund as provided in this section.

(d) Reimbursement of any amounts plus interest advanced by an eligible city but for which the eligible city does not have ultimate responsibility to pay any portion of financing or related costs incurred in connection with any financings undertaken to facilitate the accomplishment of the other uses of the monies in the fund as provided in this section.

(e) Any other costs necessary to effectuate the uses and purposes specified in this article.

D. Amounts distributed from the fund are in addition to any other amounts distributed to eligible cities pursuant to any other law.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 9. Cities and Towns § 9-603. Use of fund monies - last updated January 01, 2025 | https://codes.findlaw.com/az/title-9-cities-and-towns/az-rev-st-sect-9-603/

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