The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
48-3715.03 - Arizona water banking fund; disbursement of monies
48-3715.03. Arizona water banking fund; disbursement of monies
A. The district's board of directors shall annually determine by resolution whether all or any part of the tax levied pursuant to section 48-3715.02, subsections B and C shall be applied to the repayment of the construction costs of the central Arizona project including interest owed on district repayment contracts or to the annual operation, maintenance and replacement costs of the central Arizona project. When the district's board adopts such a resolution, a certified copy of the resolution shall be delivered to the department of water resources and those monies specified in the resolution shall be deposited, pursuant to sections 35-146 and 35-147, in the district fund established pursuant to section 48-3712, subsection A, paragraph 5.
B. Any taxes that are levied pursuant to section 48-3715.02, subsections B and C and that are not deposited in the district fund established pursuant to section 48-3712, subsection A, paragraph 5 shall be deposited, pursuant to sections 35-146 and 35-147, in the Arizona water banking fund established by section 45-2425.