15-1784. Arizona teacher student loan fund
A. The Arizona teacher student loan fund is established. All monies appropriated to carry out the purposes of sections 15-1782 and 15-1783 shall be deposited in the fund, and all payments of principal and interest that are received by the commission shall be deposited, pursuant to sections 35-146 and 35-147, in the fund.
B. Monies in the fund are continuously appropriated for use by the commission. The commission may retain up to ten percent of the amount deposited each fiscal year in the fund for the purposes of administering the loan program established by this article and may use the interest deposited in the fund to cover the administrative costs of the loan repayment responsibilities established by this article.
C. On notice from the commission, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.
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