45-1711 - Arizona Statutes

45-1711. State water and power development fund The state water and power development fund is established. The resolution or trust indenture of the authority securing the bonds or notes shall fix the amount and the provisions of the application of a bond reserve to be held by the state treasurer in such development fund. The surplus revenues as determined pursuant to section 45-1708 from each project included in the state water and power plan shall be deposited, pursuant to sections 35-146 and 35-147, in the fund in accordance with the agreement between the director and the authority referred to in section 45-1708, together with any other funds which may be made available for the purposes of this article, including funds from the state or federal government. Amounts in such development fund in excess of the bond reserve therein shall be paid by the state treasurer in such manner and at such times as shall be specified in the bond resolution or trust indenture securing such bonds or notes to the trustee appointed by the authority thereunder. The bond reserve in such development fund shall be applied by the state treasurer as provided in such resolution or trust indenture.