41-608.01 State homes for veterans trust fund; purpose; subaccount

41-608.01. State homes for veterans trust fund; purpose; subaccount

A. The state homes for veterans trust fund is established.  The director shall administer the fund for the sole purpose of operating and maintaining state-operated nursing and domiciliary homes for Arizona veterans.

B. The fund consists of monies deposited by the director from monies generated by operating the Arizona veterans' homes, monies deposited pursuant to section 41-603.01 and monies transferred by the department pursuant to section 41-608.

C. The director shall establish a separate subaccount in the fund for monies deposited pursuant to section 41-608, subsection A. The monies in the subaccount shall be used for any of the following purposes:

1. To support the various needs of the veterans residing at the nursing and domiciliary homes.

2. To purchase any necessary equipment for the nursing and domiciliary homes.

3. For any necessary improvements for the nursing and domiciliary homes.

4. For any ongoing maintenance required for the nursing and domiciliary homes.

D. Monies in the fund are subject to annual appropriation by the legislature. The fund is exempt from the provisions of section 35-190 relating to lapsing of appropriations. Any monies in the fund remaining unexpended or unencumbered at the end of the fiscal year do not revert to the state general fund.

E. On notice from the director, the state treasurer shall invest and divest monies in the fund and subaccount as provided by section 35-313, and monies earned from investment shall be credited to the fund and subaccount.