41-1505.10 - Arizona Statutes

41-1505.10. Commerce and economic development commission fund; uses; definition A. The commerce and economic development commission fund is established and shall be administered by the director. All monies received by the commission shall be deposited in the fund. B. Except for those monies transferred to the securities regulatory and enforcement fund pursuant to section 44-2054, subsection B, monies in the fund shall be used by the commission to provide financial assistance pursuant to section 41-1505.06, subsection A, paragraph 5 or section 44-2054, subsection A. C. On notice from the department of commerce, the state treasurer may invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund. D. The fund shall consist of the following sources: 1. Not less than twenty-one and one-half per cent of the revenues received from the sale of the two special lottery games conducted each fiscal year by the state lottery commission. 2. Fees collected pursuant to section 44-1843, subsection B, section 44-1861, subsections C and E, section 44-1892, paragraph 3, section 44-3324, subsection H, paragraph 2 and section 44-3325, subsection C. E. A minimum of twenty-five per cent of the monies disbursed from the fund shall be used to provide assistance, either directly or indirectly, for businesses or other qualified projects located in rural areas of the state, until April 1 of each fiscal year. If more than two per cent of the total appropriation remains unexpended on April 1 of the fiscal year, any amount greater than the two per cent may be made available to any business or other qualified project. After June 15 of each fiscal year, any unexpended monies may be made available to any business or other qualified project. F. A minimum of twenty-five per cent of the monies disbursed from the fund shall be used to provide assistance, either directly or indirectly, for businesses employing fewer than one hundred employees, until April 1 of each fiscal year. If more than two per cent of the total appropriation remains unexpended on April 1 of the fiscal year, any amount greater than the two per cent may be made available to any business or other qualified project. After June 15 of each fiscal year, any unexpended monies may be made available to any business or other qualified project. G. In disbursing monies from the fund, at least fifteen per cent of the assistance awarded shall be awarded, either directly or indirectly, to businesses or other qualified projects located in the economically disadvantaged areas of this state. In conjunction with the department, the commission shall determine which areas of this state are economically disadvantaged. If more than two per cent of the total appropriation remains unexpended on April 1 of the fiscal year, any amount greater than the two per cent may be made available to any business or other qualified project. After June 15 of each fiscal year, any unexpended monies may be made available to any business or other qualified project. H. Two per cent of the monies in the fund each fiscal year, not to exceed one hundred twenty thousand dollars, is appropriated to the department for the purpose of administering financial assistance programs. The remaining monies shall be used to fund financial assistance approved by the commission and in the amounts approved by the commission. I. For the purposes of this section, "business or other qualified project" means a private, for-profit enterprise engaged in manufacturing, research and development, office or distribution activities, a research project submitted by the Arizona board of regents or its authorized representative or any project sponsored on behalf of a qualified activity by this state, its political subdivisions, public or private universities in this state, tribal governments or economic development agencies.