Bill Text: AZ SB1138 | 2024 | Fifty-sixth Legislature 2nd Regular | Introduced
Bill Title: Tourism; sports authority; technical correction
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-23 - Senate read second time [SB1138 Detail]
Download: Arizona-2024-SB1138-Introduced.html
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REFERENCE TITLE: tourism; sports authority; technical correction |
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State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024
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SB 1138 |
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Introduced by Senator Gonzales
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An Act
amending section 5-832, Arizona Revised Statutes; relating to the tourism and sports authority.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 5-832, Arizona Revised Statutes, is amended to read:
5-832. General fund; investments
A. The authority shall maintain a general fund, divided into a construction account, a facility revenue clearing account and a tourism revenue clearing account. The authority may establish additional accounts and subaccounts as necessary and convenient. All revenues and monies received by the authority shall initially be deposited in accounts and subaccounts in the general fund as provided by law.
B. The authority may invest any unexpended monies in the fund as provided in title 35, chapter 2. Interest and other income from investments of monies in any account shall be credited to that account except as otherwise provided by law.
C. The authority's investments must mature when the fund assets will be required for the purposes of this chapter. If the liquid assets in the fund or any account or subaccount become insufficient to meet the authority's statutory obligations, the board shall direct the treasurer to liquidate sufficient securities to meet all of the current obligations and immediately notify the auditor general of the insufficiency. The auditor general shall investigate and audit the circumstances surrounding the depletion of the fund, account or subaccount and report the findings to the board.
