28-9142 - Arizona Statutes

28-9142. Public transportation authority fund A. The authority treasurer shall maintain a public transportation authority fund consisting of all monies received by the authority including: 1. Monies appropriated or paid to the authority from municipalities, member universities and the county. 2. Monies received by the authority from the federal government or this state. 3. Grants, gifts and other donations from any source. 4. Revenues collected by the authority as fares and other proceeds from operating the public transportation system. 5. Monies received from the county transportation excise tax as provided in section 42-6106. B. Monies in the fund may be used for any lawful purpose of the authority. C. The authority treasurer may invest any unexpended monies in the fund as provided in title 35, chapter 2, including in the local government investment pool, if authorized by the state treasurer. Interest and other income from investments shall be credited to the fund. D. The authority treasurer shall invest the monies to mature at the times when the fund assets will be required for the purposes of this article. If the liquid assets in the fund become insufficient to meet the authority's obligations, the board of directors shall: 1. Direct the authority treasurer to liquidate sufficient securities to meet all of the current obligations. 2. Immediately notify the auditor general of the insufficiency. The auditor general shall investigate and audit the circumstances surrounding the depletion of the fund and report the findings to the board. E. The board shall cause an annual audit to be conducted of the fund by an independent certified public accountant within one hundred twenty days after the end of the fiscal year. The board shall immediately file a certified copy of the audit with the auditor general. The auditor general may make further audits and examinations as necessary, but if the auditor general takes no official action within thirty days after the audit is filed, the audit is considered to be sufficient. The board shall pay all fees and costs of the certified public accountant and auditor general under this subsection from the fund.