Arizona Laws 6-135. Department revolving fund; use of fund
A. There is established a department revolving fund to be administered by the deputy director under the conditions and for the purposes provided by this section. Monies in the fund are exempt from the provisions of section 35-190, relating to lapsing of appropriations.
Terms Used In Arizona Laws 6-135
- Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
B. Any investigative costs, attorney fees or civil penalties recovered for the state by the attorney general or the deputy director as a result of actions brought pursuant to this title, whether by final judgment, settlement or otherwise, shall be deposited in the department revolving fund. If the unencumbered portion of the fund exceeds $200,000 at the end of the fiscal year, all unencumbered monies in excess of $200,000 shall be deposited in the department receivership revolving fund, pursuant to Section 6-135.01.
C. The monies in the fund shall be used by the deputy director and the attorney general for investigative proceedings or for purposes of instituting and prosecuting civil actions pursuant to this title.
D. On or before the fifteenth day of February, May, August and November of each year, the deputy director shall file with the governor, with copies to the director of the department of administration, the president of the senate and the speaker of the house of representatives, a full and complete account of the receipts and disbursements from the fund in the previous calendar quarter.