Arizona Laws 5-1212. Fantasy sports contest fund
A. The fantasy sports contest fund is established consisting of monies deposited pursuant to section 5-1211 or from any other source. The department shall administer the fund. Monies in the fund are subject to legislative appropriation.
Terms Used In Arizona Laws 5-1212
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Department: means the department of gaming. See Arizona Laws 5-1201
- Fantasy sports contest: means a simulated game or contest that is offered to the public with an entry fee and that meets all of the following conditions:
(a) No fantasy sports contest team is composed of the entire roster of a real-world sports team. See Arizona Laws 5-1201
- 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.
B. 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.
C. The department may spend not more than ten percent of monies on the department’s annual costs of regulating and enforcing this chapter unless otherwise provided by the legislature. At the end of each fiscal year, any revenues collected in excess of the amount appropriated from the fund shall be transferred to the state general fund.