The Arizona Revised Statutes have been updated to include the revised sections from the 53rd Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 1st Regular Session, which convenes in January 2019.
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.
A. The Arizona grain research trust fund is established for the exclusive purpose of implementing, continuing and supporting the agricultural program established by this article. The council shall administer the trust fund as trustee. The trust fund consists of fees collected pursuant to this article.
B. The beneficiary of the trust is the agricultural program established by this article. The trust fund shall be used exclusively for the purposes of this article on the order of the council.
C. The state treasurer shall accept, separately account for and hold in trust monies deposited in the state treasury, which are considered to be trust monies as defined by section 35-310 and which shall not be commingled with any other monies in the state treasury except for investment purposes. On notice from the council, the state treasurer shall invest and divest trust fund monies deposited in the state treasury as provided by sections 35-313 and 35-314.03, and monies earned from investment shall be credited to the trust fund.
D. Monies in the trust fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations. Surplus monies, including any unexpended and unencumbered balance at the end of the fiscal year, do not revert to the state general fund.
E. If the council is terminated, any monies remaining in the trust fund after terminating this article shall be expended to meet existing legal obligations of the council. The council shall expend any surplus remaining for market research or other lawful purposes under this article.