15-2003 - Arizona Statutes

15-2003. Capital reserve fund A. A capital reserve fund is established consisting of monies that are credited to the fund from the new school facilities fund established by section 15-2041, subsection A. B. The school facilities board shall administer the fund. On notice from the school facilities board, the state treasurer shall invest and reinvest monies in the fund as provided by section 35-313, and monies earned on investments shall be credited to the capital reserve fund. C. Monies in the capital reserve fund are subject to legislative appropriation only to the deficiencies correction fund established by section 15-2021 or the new school facilities fund established by section 15-2041.