45-1503. Flood warning system fund A. A flood warning system fund is established for developing a flood warning system, purchasing flood warning system equipment and providing assistance to local entities on a cost sharing basis for the planning, design, installation, operation and maintenance of flood warning systems. The director shall administer the fund. B. The flood warning system fund shall consist of monies from legislative appropriations, grants and contributions from other public agencies. C. On notice from the director, 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. D. Monies in the fund are exempt from lapsing under section 35-190.
Arizona Legal Code