33-1476.02. Mobile home relocation fund; investment of monies

A. The mobile home relocation fund is established consisting of monies collected pursuant to sections 33-1476.03 and 33-2151 and any surcharge collected pursuant to section 33-1437. The director shall administer the fund.

B. Fund monies shall be used as prescribed in sections 33-1476.04 and 41-4008 and to pay premiums and other costs of purchasing, from a private insurer who is licensed to transact insurance business in this state, insurance coverage for tenant relocation costs due to a change in use as prescribed in sections 33-1476.01 and 33-2149. Any insurance rebates shall be deposited in the fund. If such insurance is not available, or if the insurance costs exceed the amount available from the fund, the fund shall be used to make direct payments for tenant relocation costs. Monies in the fund in excess of the amount required for these purposes shall be used, as necessary, to support the Arizona department of housing's administration of the hearing function pursuant to section 41-4062 and the Arizona department of housing's administration of section 33-1437, subsection C.

C. 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. Any unexpended and unencumbered monies remaining in the fund at the end of the fiscal year do not revert to the state general fund but remain in the fund, separately accounted for, as a contingency reserve.

D. The director may adopt, amend or repeal rules pursuant to title 41, chapter 6 for the administration of the fund. Fund monies shall be paid to the Arizona department of housing to offset the costs of administering the fund, including the direct and indirect costs of processing applications for reimbursement submitted under section 41-4008 and administering the direct and indirect costs of section 33-1437, subsection C. The attorney general shall review the costs charged to the fund.