41-5753. School facilities revenue bond proceeds fund; use for new school facilities A. If the board issues revenue bonds under this article, the board shall establish a school facilities revenue bond proceeds fund consisting of the net proceeds received from the sale of the bonds. B. The board may use monies in the school facilities revenue bond proceeds fund only for the purposes provided in section 41-5751, subsection A. Monies in the revenue bond proceeds fund are exempt from lapsing under section 35-190. C. The state treasurer or bond trustee shall administer and account for the school facilities revenue bond proceeds fund.
Arizona Legal Code