|
REFERENCE TITLE: county treasurer's management fund |
|
State of Arizona House of Representatives Fiftieth Legislature Second Regular Session 2012
|
|
HB 2649 |
|
|
|
Introduced by Representative Burges
|
AN ACT
amending title 11, chapter 3, article 4, Arizona Revised Statutes, by adding section 11‑506; amending title 35, chapter 2, article 2.1, Arizona Revised Statutes, by adding section 35‑330; relating to the county treasurer's management fund.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section. 1. Title 11, chapter 3, article 4, Arizona Revised Statutes, is amended by adding section 11-506, to read:
11-506. County treasurer's management fund; purpose
A. The county treasurer of each county with a population of more than two million persons may establish and maintain a county treasurer's management fund consisting of monies received by the county treasurer from management fees collected pursuant to section 35‑330.
B. If the county treasurer's portion of the monies in the county treasurer's management fund are insufficient to satisfy the county treasurer's office personnel and operating expenses, including expenses to operate and maintain the website that is electronically searchable by the public pursuant to section 41-725, county general fund monies shall be used to fund the shortfall.
C. Any monies in the county treasurer's management fund remaining unexpended and unencumbered at the end of the fiscal year shall be distributed pursuant to section 35‑330.
Sec. 2. Title 35, chapter 2, article 2.1, Arizona Revised Statutes, is amended by adding section 35-330, to read:
35-330. County management fees; county treasurer's management fund; purpose
A. The county treasurer of each county with a population of more than two million persons may deduct monthly a management fee from the earnings on monies maintained by the treasurer for agency pool participants and involuntary pool participants. The county treasurer shall deposit these monies in the county treasurer's management fund established pursuant to section 11-506. The county treasurer shall use these monies for personnel and operating expenses as appropriated to the county treasurer's office each fiscal year by the board of supervisors pursuant to section 11-201. Excess management fees collected, if any, shall be credited to agency pool participants and, with respect to involuntary pool participants, to the county general fund at the end of each fiscal year based on the proportions of their deposits during the fiscal year. The county treasurer shall compute the rate of earnings on agency pool participants and involuntary pool participants at least quarterly and each participant shall be credited with an amount determined by applying the calculated rate of earnings to the principal amount of its deposit balance for the period of the deposit. Interest shall be credited promptly after calculation. The county treasurer, in its sole discretion, shall prescribe the level of the management fee periodically and calculate and allocate monies from the county treasurer's management fund over the fiscal year.
B. The county treasurer may use an additional portion of the management fee, not to exceed in any fiscal year one per cent of the earnings described in subsection a of this section from the previous fiscal year, that is not subject to appropriation pursuant to section 11‑201, to fund the design, development, operation, maintenance and enhancement of its official agency website that provides a timely accounting of the provisions contained in section 11‑493 and that is electronically searchable by the public pursuant to section 41-725.