41-1545.01. Arizona competes fund
A. The Arizona competes fund is established consisting of:
1. Withholding tax revenues allocated to the fund from the job creation withholdings clearing account pursuant to section 43-409, subsection B, paragraph 2.
2. Any other amounts dedicated to the fund by law.
3. Gifts, grants and other donations received for that purpose.
4. Any available monies received from the United States government, including monies from the American recovery and reinvestment act of 2009 (P.L. 111-5).
B. Monies credited to the fund may be deposited in the state treasury or in a bank or other depository pursuant to section 41-1504, subsection D, paragraph 5.
C. The chief executive officer shall administer the fund. On notice from the chief executive officer, the state treasurer shall invest and divest any monies in the fund deposited in the state treasury as provided by section 35-313, and monies earned from investment shall be credited to the fund. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations.
D. The chief executive officer shall use monies in the fund exclusively for the purposes of this article.
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