48-4974. Additional duties; special fund; revolving fund A. In carrying out the water district groundwater replenishment obligation prescribed in section 48-4972, subsection A, the district shall: 1. Adopt bylaws, rules, ordinances and policies for the performance of the water district groundwater replenishment obligations. 2. Perform all acts necessary to carry out the water district groundwater replenishment obligations including those replenishment activities prescribed in section 48-4973, subsection B. 3. Except as provided in subsection B of this section and section 48-4973, subsection A, paragraph 5, require that all monies received on behalf of the district as payments of replenishment assessments, replenishment taxes or contract replenishment taxes shall be deposited in a special fund established by the state to be expended at the direction of the district to effectuate the provisions and purposes of this article. On notice from the district, 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. 4. article. On notice from the district, 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. 4. Employ such agents, engineers, attorneys and employees as are necessary to carry out the obligations of the district under this article. B. The district may establish a revolving fund for the purpose of defraying the costs and expenses of the district relative to its replenishment activities.
Arizona Legal Code