Sec 41-1506. Arizona commerce authority fund

A. The Arizona commerce authority fund is established consisting of withholding tax revenues allocated to the fund from the job creation withholdings clearing account pursuant to section 43-409, subsection B, paragraph 1. Monies credited to the fund may be deposited in the state treasury or in a bank or other depository approved by the board of directors pursuant to section 41-1504, subsection D, paragraph 5.

B. The chief executive officer shall administer the fund. On notice from the chief executive officer, the state treasurer shall invest and divest any monies in the fund deposited in the state treasury 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.

C. The chief executive officer shall use the monies in the fund exclusively for the purposes of this chapter without further legislative authorization.