9-602
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9-602. Fund operation A. The Arizona convention center development fund consists of monies deposited pursuant to sections 42-5029 and 42-5030. B. The state treasurer shall administer the fund. The state treasurer shall invest and divest monies in the fund as provided by section 35-313 as needed to facilitate distributions from the fund, and monies earned from investment shall be credited to the fund. C. On or before August 1 of each year, the state treasurer shall distribute the amounts computed in subsection D of this section to each eligible city that has filed a certificate of completion of construction pursuant to section 9-622 for each eligible project under section 9-605. D. The amount to be distributed pursuant to subsection C of this section shall be computed by dividing the total cost of the eligible project not funded from municipal sources as identified in the certificate of completion of construction filed pursuant to section 9-622 by three hundred million and multiplying the quotient by the following amounts: 1. In the first fiscal year, five million dollars. 2. In the second fiscal year, ten million dollars. 3. In the third fiscal year, fifteen million dollars. 4. In the fourth fiscal year, twenty million dollars. 5. In the fifth fiscal year and each of the next thirty fiscal years, the amount distributed in the preceding fiscal year plus five hundred thousand dollars, except that the amount distributed shall not exceed thirty million dollars in any fiscal year. E. If sufficient distributions have been made to provide for all of the uses of the fund monies pursuant to section 9-603 for an eligible project, the chief financial officer of the eligible city shall certify to the state treasurer that no additional distributions are required for the project, and on receiving the certification the state treasurer shall make no further distributions to the city for that project. F. After the distributions required by subsection C of this section, any monies remaining in the fund on receipt of the certification of satisfaction of annual obligations pursuant to section 9-623, or on the first Monday in August if a certificate of completion of construction has not been previously filed pursuant to section 9-622, shall be transferred to the state general fund. |