44-2054 - Arizona Statutes

44-2054. Loans from the commerce and economic development commission fund; repayment; allocation A. The commerce and economic development commission shall make one or more loans, if it believes the loans are prudent, from the commerce and economic development commission fund established by section 41-1505.10 to any private entity for the purpose of establishing an exchange located in this state, subsequent expansion or improvement of the exchange or funding any operating deficits. Monies borrowed from the commerce and economic development commission may be used for the purpose of developing an exchange, including acquiring necessary computer hardware and software and telecommunications equipment, renting space, hiring staff, obtaining registration of an exchange with the SEC, funding initial operating deficits, acquiring listings and marketing the exchange's services and all other necessary or appropriate purposes for creation and operation of a securities exchange. The commerce and economic development commission may impose conditions and restrictions on the loan as it deems necessary and in the public interest. B. Revenues of an exchange receiving one or more loans under subsection A of this section, after payment of all operating expenses, shall be used to repay loans from the commerce and economic development commission fund. All loan repayments and fees collected pursuant to section 44-1843, subsection B, section 44-1861, subsections C and E, section 44-1892, paragraph 3 and section 44-3324, subsection H, paragraph 2 shall be used by the commerce and economic development commission for the purposes prescribed by section 41-1505.06, subsection A, paragraph 5 or subsection A of this section, except that each year on January 2, five hundred thousand dollars shall be transferred from the commerce and economic development commission fund to the securities regulatory and enforcement fund established by section 44-2039 for the purpose of enforcing this chapter and chapter 13 of this title and regulating the exchange and operating the public reference rooms established by section 44-2055.