9-603

9-603. Use of fund monies

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 section
9-602. Any amounts remaining in the fund after the distributions made pursuant to section
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 section 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 section 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.