28-8604. Advanced air mobility fund

A. The advanced air mobility fund is established. The Arizona commerce authority shall administer the fund. Monies in the fund are subject to legislative appropriation and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. The Arizona commerce authority 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. The fund consists of the following:

1. Monies appropriated by the legislature.

2. Any nonfederal gifts, grants, donations or other monies received by the Arizona commerce authority from any public or private source for transportation projects.

B. The monies in the fund shall be used to:

1. Purchase advanced air mobility vehicles that are capable of carrying passengers or cargo for testing and demonstration purposes of the ability to use the advanced air mobility vehicles.

2. Construct vertiports.

C. The purpose of the fund is to allow for the office of defense innovation within the arizona commerce authority to enter into a contract with any entity that advances the state's defense, aerospace, dual use technology and national security innovation ecosystem.