Bill Text: AZ HB2326 | 2021 | Fifty-fifth Legislature 1st Regular | Introduced
Bill Title: Technical correction; capital reserve fund
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-05-24 - Assigned to House RULES Committee [HB2326 Detail]
Download: Arizona-2021-HB2326-Introduced.html
REFERENCE TITLE: technical correction; capital reserve fund |
State of Arizona House of Representatives Fifty-fifth Legislature First Regular Session 2021
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HB 2326 |
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Introduced by Representative Toma
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AN ACT
amending section 15-2003, arizona revised statutes; relating to school facilities board.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 15-2003, Arizona Revised Statutes, is amended to read:
15-2003. Capital reserve fund
A. A capital reserve fund is established consisting of monies that are credited to the fund from the new school facilities fund established by section 15‑2041, subsection A.
B. The school facilities board shall administer the fund. On notice from the school facilities board, the state treasurer shall invest and reinvest monies in the fund as provided by section 35‑313, and monies earned on investments shall be credited to the capital reserve fund.
C. Monies in the capital reserve fund are subject to legislative appropriation only to the deficiencies correction fund established by section 15‑2021 or the new school facilities fund established by section 15‑2041.