In addition to any other provision of law, the board of supervisors may appropriate from the general fund each year up to one million five hundred thousand dollars for the purpose of economic development activity which is operated and maintained within the boundaries of the county and which the board determines is for the benefit of the public. Contributions may be made to any governmental agency or to a nonprofit corporation which enjoys and maintains federal tax exempt status as long as all monies are utilized for the purpose determined to be public by the board. If more than one nonprofit corporation is selected for a fiscal year, the board shall determine the portion of the money that each will receive.

Terms Used In Arizona Laws 11-254

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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