15-1447. Community college district collegiate special plate funds; purpose A. A community college district with a full-time equivalent student enrollment pursuant to section 15-1466.01 of more than five hundred students shall establish a community college district collegiate special plate fund consisting of monies received pursuant to section 28-2412. The district shall administer the fund. All monies in the fund shall be used only for academic scholarships. B. The fund established pursuant to this section is exempt from section 35-190 relating to lapsing of appropriations. At the direction of the community college district, the state treasurer may invest and divest inactive monies in the fund as provided by section 35-313. The state treasurer shall credit all interest earned on the fund monies to the fund.
Arizona Legal Code