41-889 - Arizona Statutes

41-889. Arizona neighborhood preservation and investment fund; source of monies A. The Arizona neighborhood preservation and investment fund is established. The commission shall administer the fund. B. The commission may grant monies from the fund to reimburse cities for authorized expenditures for projects approved pursuant to section 41-890. Grants made pursuant to this article are exempt from chapter 24 of this title. C. On notice from the commission, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from these investments shall be credited to the fund. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. D. The fund consists of monies from the following sources: 1. Amounts received from the federal government or any political subdivision of this state. 2. Gifts, grants and donations received from any public or private source to carry out the purposes of this article. 3. Interest and other income received from investing monies in the fund. E. The commission may establish accounts and subaccounts as necessary to properly account for and use monies in the fund. F. Monies in the fund may be used for: 1. Providing grants to cities in this state for neighborhood infrastructure projects in accordance with section 41-890. 2. Paying the compensation and employment related expenses associated with the employees hired pursuant to section 41-892. 3. Paying the costs to operate the commission, to administer the fund and to carry out the requirements of this article. 4. Paying the costs of professional assistance hired pursuant to section 41-892.