A. The assessments and student record request fees received by the board for deposit in the fund shall be held in trust to carry out the purposes of the fund. On notice from the board, the state treasurer 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.

Terms Used In Arizona Laws 32-3074

  • Board: means the state board for private postsecondary education. See Arizona Laws 32-3001
  • 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.
  • Fund: means the student tuition recovery fund. See Arizona Laws 32-3071
  • institution: means an educational institution that is subject to licensure under this chapter. See Arizona Laws 32-3071

B. The monies deposited in the fund are continuously appropriated to the board to carry out the purposes of the fund.

C. Any monies unexpended and unencumbered in the fund at the close of a fiscal year shall not revert to the state general fund.

D. Monies held in the fund shall be available only to satisfy valid claims submitted to the board by persons who provide educational records and who are injured and are exempt from execution and from all claims by an institution‘s creditors or other claimants.

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