Sec 41-3957. Arizona department of housing program fund; purpose

A. The Arizona department of housing program fund is established, and the department shall administer the fund. The fund consists of monies deposited pursuant to sections 35-726, 35-728 and 41-3953, other monies directed to be deposited in the fund and investment earnings on monies in the fund. On notice from the department, 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. All monies in the fund are designated as special state funds for all purposes of section 35-142.

B. Monies in the fund are continuously appropriated. The department shall use monies in the fund:

1. To pay the costs of administering the programs from which the deposits are received and for other department programs.

2. At the director's election, to irrevocably transfer to and deposit in any fund established by the Arizona housing finance authority in connection with any bonds or certificates issued by or any other program of the Arizona housing finance authority.

C. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations.