tourism; sports authority; technical correction
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
Senate Bill 1348 makes a technical correction to the Arizona Revised Statutes regarding the Tourism and Sports Authority. Specifically, it amends section 5-832 to clarify the structure and management of the Authority’s general fund, including how revenues are handled and how investment funds are managed. The bill outlines the establishment of different accounts within the fund and the process for investing and liquidating assets to meet the Authority’s obligations.
Key provisions
- Clarifies the structure of the Tourism and Sports Authority’s general fund.
- Defines specific accounts within the fund: construction, facility revenue clearing, and tourism revenue clearing accounts.
- Specifies how revenues received by the authority are initially deposited.
- Allows the authority to invest unexpended monies in accordance with title 35, chapter 2.
- Details the process for crediting interest and income from investments to the relevant accounts.
- Outlines the requirement for investments to mature when fund assets are needed.
- Establishes a process for addressing insufficient fund assets and notifying the auditor general.
Who is affected
- Tourism and Sports Authority
- State of Arizona
- Investors of the Tourism and Sports Authority
Notable changes
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Sponsors
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1 on record
Primary sponsor
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