48-4231 - Arizona Statutes

48-4231. County stadium district fund A. The district treasurer shall maintain a county stadium district fund consisting of all monies received by the district, including: 1. Payments received from leasing, subleasing or renting property owned, leased or controlled by the district. 2. Revenues received by the district from admissions and concessions and other proceeds from events held at a stadium owned or leased by the district. 3. Monies received from issuing and selling bonds under article 3 of this chapter. 4. Interest and other income received from investing monies in the fund. 5. Gifts, grants and donations received for that purpose from any public or private source. B. Monies in the fund may be used for any lawful purpose of the district. C. The district treasurer may invest any unexpended monies in the fund as provided in title 35, chapter 2. Notwithstanding section 35-323, the district treasurer may invest and reinvest monies in the fund, other than operating fund monies, in eligible investments with a maturity of greater than five years. Interest and other income from investments shall be credited to the fund. The district treasurer shall invest the monies so as 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 district's obligations, the board of directors shall direct the district treasurer to liquidate sufficient securities to meet all of the current obligations and immediately notify the auditor general of the insufficiency, and the auditor general shall investigate and audit the circumstances surrounding the depletion of the fund and report the auditor general's findings to the board. D. Except as provided by section 48-4231.01, the board of directors 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 such further audits and examinations as the auditor general deems necessary, but if the auditor general takes no official action within thirty days after the audit is filed, the audit is deemed sufficient. The board of directors shall pay all fees and costs of the certified public accountant and auditor general under this subsection from the fund.