The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. The transportation board shall annually cause a financial audit to be made of the fund. The financial audit shall be conducted by a certified public accountant within six months after the end of each fiscal year. The board shall immediately file a certified copy of the audit with the auditor general.
B. The board shall pay any fees and costs of the financial audit under this section from the fund.
C. The transportation board is exempt from subsection A of this section if all of the following apply:
1. Unexpended monies do not remain in the fund except interest and investment earnings deposited pursuant to section 28-7674, subsection B, paragraph 6.
2. There are no outstanding eligible project loans in the fund.
3. All approved or pending eligible project loans or other financial assistance applications are disbursed, and the board does not expect additional financial assistance applications.
4. There are no outstanding board funding obligations due to the state treasurer.