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.

Terms Used In Arizona Laws 3-590

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Council: means the Arizona grain research and promotion council. See Arizona Laws 3-581
  • 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.
  • Grain: means the seed of barley and wheat of all classes produced for use as food, feed or seed or produced for any industrial or commercial use. See Arizona Laws 3-581
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Trustee: A person or institution holding and administering property in trust.

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.