Arizona § 49-1271
Full text of Arizona Arizona Revised Statutes § 49-1271, with citation guidance and answers to common questions.
§ 49-1271.
A. The water supply development revolving fund is established consisting of all of the following:
1. Monies received from the issuance and sale of water supply development bonds under section 49-1278.
2. Monies appropriated by the legislature to the water supply development revolving fund.
3. Monies received for water supply development purposes from the United States government.
4. Monies received as loan repayments, interest and penalties.
5. Interest and other income received from investing monies in the fund.
6. Gifts, grants and donations received for water supply development purposes from any public or private source.
7. Any other monies received by the authority in connection with the purpose of the water supply development revolving fund.
B. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations.
C. All monies shall be deposited, pursuant to sections 35-146 and 35-147, in the fund and shall be held in trust. On notice from the authority, the state treasurer shall invest and divest monies in the fund as provided in section 35-313, and monies earned from investment shall be credited to the fund. 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. This subsection does not apply to any taxes or other levies that are imposed pursuant to title 42 or 43.
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 bonds are issued under section 49-1278, 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. Monies and other assets in the fund shall be used solely for the purposes authorized by this chapter.
F. Monies in the fund may be used to secure water supply development bonds of the authority.
Frequently Asked Questions About Arizona § 49-1271
What does Arizona Revised Statutes § 49-1271 cover?
Section 49-1271 is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 49-1271?
A common citation format is "Arizona Revised Statutes § 49-1271" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 49-1271 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.