28-6305 - Arizona Statutes

28-6305. Construction account; expenditures; construction contracts A. Except as provided in subsection B of this section, monies in the construction account of the regional area road fund shall be spent, pledged or accumulated for the purposes provided in section 28-6304, subsection C, paragraphs 4 and 5, including payment of interest on and repayment of bonds and obligations issued pursuant to chapter 21 of this title if the proceeds of the bonds or obligations are used for the purposes provided in section 28-6304, subsection C, paragraphs 4 and 5. B. Of the monies deposited in the construction account of the regional area road fund under section 28-6303, the state treasurer shall: 1. In each fiscal year, divide and equally distribute five million dollars to: (a) The public transportation fund established in that county under section 48-5103. (b) The regional planning agency in that county for planning and administration of the regional transportation plan approved pursuant to section 28-6308. The state treasurer shall distribute monies under this subdivision through the department on or before June 30 of each year. 2. Beginning with fiscal year 1987-1988, adjust the monies distributed under paragraph 1 by the annual percentage change for the previous calendar year in the GDP price deflator as defined in section 41-563. C. The monies distributed under subsection B of this section shall only be spent for planning and administering the regional transportation plan approved pursuant to section 28-6308 and the costs incurred by the auditor general relating to performance audits under section 28-6313. Before the beginning of each fiscal year, the respective governing bodies of the members of the regional planning agency and the board of directors of the regional public transportation authority shall explicitly identify and approve in the annual budgets the monies to be spent under subsection B of this section for the purposes allowed under this subsection. These expenditures are subject to the annual audit of the governing bodies' financial transactions. D. The director may enter into construction contracts or contracts incidental to construction contracts payable from monies in either the bond proceeds account or the construction account or both the bond proceeds and construction accounts.