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REFERENCE TITLE: technical correction; power authority; monies |
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State of Arizona Senate Fifty-second Legislature Second Regular Session 2016
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SB 1149 |
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Introduced by Senator Pierce
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AN ACT
amending section 30‑202, Arizona Revised Statutes; relating to the arizona power authority.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 30-202, Arizona Revised Statutes, is amended to read:
30-202. Appropriated and operation funds defined; debt reserve fund; application of general fiscal laws
A. Any funds made available to the authority by legislative appropriation shall be classified "appropriated funds." All other funds derived from operations or otherwise acquired or accruing to the authority shall be classified "operation funds." Appropriate classifications and designations shall be set up in the authority accounting records as set forth by section 30‑103 to provide for accurate and systematic control and allotment of all monies received, including a debt reserve fund embracing all monies required for the payment of principal and interest on revenue bonds, and any and all other obligations for which a reserve is required. No withdrawals from the debt reserve fund shall be made except for the express purposes for which the monies have been deposited therein.
B. The provisions of chapter 1, title 35, chapter 1 not in conflict with this article shall, as far as applicable, shall apply to the handling and disbursement of appropriated funds of the authority. The fiscal year of the authority shall not be divided into fiscal quarters, and appropriated monies shall be placed in separate funds as budgeted and not in the general fund. Warrant limitations, lapsing of appropriations, quarterly allotments and continuing or recurring appropriation provisions shall also be inapplicable.
C. Nothing in chapter 1, title 35, chapter 1 shall be construed to require the reversion to the general fund or otherwise of any monies, balances or biennium appropriations made for the authority.