3-1005. Arizona exposition and state fair fund

A. Monies received by the board, other than those referred to in section 3-1003, subsection A, paragraph 9 and other than those received by the board as ticket sales pursuant to a valid lease of the coliseum, shall be deposited, pursuant to sections 35-146 and 35-147, in the Arizona exposition and state fair fund and are subject to legislative appropriation. Ticket sale monies received pursuant to a valid lease of the coliseum may be deposited with a bank qualified to receive public deposits under title 35, chapter 2, article 2.1, in which case the signature of the executive director or an employee designated by the executive director and the lessee shall be required on any instrument withdrawing such a deposit. Vouchers for authorized expenditures shall be signed by the executive director or by an employee who is designated by the executive director. The receipt and expenditure of funds shall be as prescribed by law and the rules of the director of the department of administration. Balances remaining in the fund at the end of a fiscal year shall not revert to the general fund.

B. On notice from the executive director, the state treasurer shall invest and divest monies in the Arizona exposition and state fair fund in obligations issued or guaranteed by the United States or any of the senior debt of its agencies, sponsored agencies, corporations, sponsored corporations or instrumentalities, and monies earned from investment shall be credited to the Arizona exposition and state fair fund.

C. Disbursements from an account of ticket sales received pursuant to a valid lease of the coliseum as described in subsection A of this section shall be limited to payments of amounts due to the lessor or lessee pursuant to the lease. No disbursements from this account shall be made for state wages, salaries or expenses. Upon the completion or termination of any lease pursuant to subsection A of this section, all monies accruing to the board shall be deposited, pursuant to sections 35-146 and 35-147.

D. There is established an exposition and state fair board permanent revolving fund for use in making change at fairs and for purchases and activities requiring immediate cash outlay for events sponsored by the Arizona exposition and state fair board that are proper as ultimate claims for payment from the exposition and state fair fund. The amount of the fund shall not exceed sixty thousand dollars, except for a period beginning October 1 and ending November 30 each year when the amount of the fund shall not exceed four hundred thousand dollars for use during the annual state fair. Expenditures from this fund and reimbursement to the fund shall be as prescribed by rules of the director of the department of administration. All monies deposited in the revolving fund are appropriated to the board for the purposes provided in this subsection and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. The exposition and state fair board permanent revolving fund shall be established as a separate account on the books of the exposition and state fair board and a full accounting of its use shall be made to the director of the department of administration annually or as required by the director of the department of administration.