28-2432. Arizona professional basketball club special plates; fund

A. If, by December 31, 2008, a charitable organization affiliated with an Arizona professional basketball club donates thirty-two thousand dollars to the veterans' donations fund established by section 41-608 for the purpose of paying the implementation costs of the gold star family special plates established by section 28-2431 and the thirty-two thousand dollars is paid to the department for the implementation of this section, the department shall issue Arizona professional basketball club special plates. The entity that provides the thirty-two thousand dollars for the implementation of the Arizona professional basketball club special plates shall design the Arizona professional basketball club special plates. The design and color of the Arizona professional basketball club special plates are subject to the approval of the department. The director may allow a request for Arizona professional basketball club special plates to be combined with a request for personalized special plates. If the director allows such a combination, the request shall be in a form prescribed by the director and is subject to the fees for the personalized special plates in addition to the fees required for Arizona professional basketball club special plates.

B. Of the twenty-five dollar fee required by section 28-2402 for the original special plates and for renewal of special plates, eight dollars is a special plate administration fee and seventeen dollars is an annual donation.

C. The department shall deposit, pursuant to sections 35-146 and 35-147, all special plate administration fees in the state highway fund established by section 28-6991 and all donations collected pursuant to this section in the Arizona professional basketball club special plate fund established by subsection D of this section.

D. The Arizona professional basketball club special plate fund is established consisting of monies received pursuant to this section. The director shall administer the fund. The first thirty-two thousand dollars received shall be reimbursed to the entity that paid the implementation fee to the department pursuant to subsection A of this section. Not more than ten per cent of monies deposited in the fund annually shall be used for the cost of administering the fund. Monies in the fund are continuously appropriated. The director shall allocate monies from the fund through a private Arizona professional basketball organization's foundation that is qualified under section 501(c)(3) of the United States internal revenue code for federal income tax purposes. The director shall forward all monies deposited in the Arizona professional basketball club special plate fund, excluding administrative fees, to the foundation on an annual basis.

E. On notice from the director, 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.