3-1005. Arizona exposition and state fair fund
A. Monies received by the board, other than those referred to in section
3-1003, subsection A, paragraph 9 and other than those received by the board as ticket
sales pursuant to a valid lease of the coliseum, shall be deposited, pursuant to sections
35-146 and 35-147, in the Arizona exposition and state fair fund and are subject to
legislative appropriation. Ticket sale monies received pursuant to a valid lease of the
coliseum may be deposited with a bank qualified to receive public deposits under title
35, chapter 2, article 2.1, in which case the signature of the executive director or a
bonded employee designated by the executive director and the lessee shall be required on
any instrument withdrawing such a deposit. Vouchers for authorized expenditures shall be
signed by the executive director or by an employee who is bonded as prescribed by the
terms of this article and is designated by the executive director. The receipt and
expenditure of funds shall be as prescribed by law and the rules of the director of the
department of administration. Balances remaining in the fund at the end of a fiscal year
shall not revert to the general fund.
B. On notice from the executive director, the state treasurer shall invest and
divest monies in the Arizona exposition and state fair fund in obligations issued or
guaranteed by the United States or any of the senior debt of its agencies, sponsored
agencies, corporations, sponsored corporations or instrumentalities, and monies earned
from investment shall be credited to the Arizona exposition and state fair fund.
C. Disbursements from an account of ticket sales received pursuant to a valid lease
of the coliseum as described in subsection A of this section shall be limited to payments
of amounts due to the lessor or lessee pursuant to the lease. No disbursements from this
account shall be made for state wages, salaries or expenses. Upon the completion or
termination of any lease pursuant to subsection A of this section, all monies accruing to
the board shall be deposited, pursuant to sections 35-146 and 35-147.
D. There is established an exposition and state fair board permanent revolving fund
for use in making change at fairs and for purchases and activities requiring immediate
cash outlay for events sponsored by the Arizona exposition and state fair board that are
proper as ultimate claims for payment from the exposition and state fair fund. The amount
of the fund shall not exceed twenty thousand dollars, except for a period beginning
October 1 and ending November 30 each year when the amount of the fund shall not exceed
fifty thousand dollars for use during the annual state fair. Expenditures from this fund
and reimbursement to the fund shall be as prescribed by rules of the director of the
department of administration. All monies deposited in the revolving fund are
appropriated to the board for the purposes provided in this subsection and are exempt
from the provisions of section 35-190 relating to lapsing of appropriations. The
exposition and state fair board permanent revolving fund shall be established as a
separate account on the books of the exposition and state fair board and a full
accounting of its use shall be made to the director of the department of administration
annually or as required by the director of the department of administration.
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