A. The state electronic commerce fund is established consisting of monies appropriated by the legislature and any gifts, grants or devises for the benefit of the fund. The department shall administer the fund. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations.

Terms Used In Arizona Laws 41-2673

  • Department: means the department of administration. See Arizona Laws 41-2503
  • Purchasing agency: means any state governmental unit that is authorized by this chapter or rules adopted pursuant to this chapter, or by way of delegation from the director, to enter into contracts. See Arizona Laws 41-2503
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.

B. Monies in the fund shall be used to help finance electronic commerce initiatives by purchasing agencies if other funding mechanisms do not exist or cannot be used. The department shall disburse monies in the fund to purchasing agencies based on agency requests and statewide electronic commerce priorities.

C. If a purchasing agency realizes savings through implementation of its electronic commerce initiative funded by the state electronic commerce fund, the purchasing agency shall repay the fund the amount of monies originally disbursed to the agency plus ten per cent of the agency savings. The purchasing agency may retain the remainder of the savings generated through its electronic commerce initiative.

D. On notice from the department, 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.

 

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