Sec 3-3304. Arizona agricultural protection fund

A. The Arizona agricultural protection fund is established. The director shall administer the fund.

B. The director may accept any gifts, grants or donations for deposit in the fund.

C. On notice from the director, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations.

D. The director may use monies from the fund for:

1. Reimbursing or advancing monies to persons pursuant to section 3-3307.

2. Purchasing agricultural easements by a qualified easement holder.

3. Paying agricultural easement transaction costs.

4. Monitoring and enforcing costs borne by the easement holder.

5. Administrative costs, which shall not exceed five per cent of the amount deposited in the fund in the fiscal year or seventy-five thousand dollars, whichever is greater.

E. Grants made pursuant to this article are exempt from title 41, chapter 23.