REFERENCE TITLE: unclaimed property; housing trust fund
State of Arizona
Senate
Fifty-fourth Legislature
Second Regular Session
2020
SB 1394
Introduced by
Senator Carter
AN ACT
amending sections 41-3955 and 44‑313, Arizona Revised Statutes; relating to unclaimed property.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 41-3955, Arizona Revised Statutes, is amended to read:
START_STATUTE41-3955. Housing trust fund; purpose; annual report
A. The housing trust fund is established, and the director shall administer the fund. The fund consists of monies from unclaimed property deposited in the fund pursuant to section 44‑313, monies transferred pursuant to section 35‑751 and investment earnings.
B. On notice from the department, 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.
C. Except as provided in subsection D of this section, fund monies shall be spent on approval of the department for developing projects and programs connected with providing housing opportunities for low and moderate income households and for housing affordability programs. Pursuant to section 44‑313, subsection A, a portion of fund monies shall be used exclusively for housing in rural areas.
D. Fund monies may be spent on constructing or renovating facilities and on housing assistance, including support services, for persons who have been determined to be seriously mentally ill and to be chronically resistant to treatment.
E. For the purposes of subsection C of this section, in approving the expenditure of monies, the director shall give priority to funding projects that provide for operating, constructing or renovating facilities for housing for low‑income families and that provide housing and shelter to families that have children.
F. The director shall report annually to the legislature on the status of the housing trust fund. The report shall include a summary of facilities for which funding was provided during the preceding fiscal year and shall show the cost and geographic location of each facility and the number of individuals benefiting from the operation, construction or renovation of the facility. The report shall also include the number of individuals who benefit from housing assistance pursuant to subsection D of this section. The report shall be submitted to the president of the senate and the speaker of the house of representatives, and a copy provided to the secretary of state, not later than September 1 of each year.
G. Monies in the housing trust fund are exempt from the provisions of section 35‑190 relating to lapsing of appropriations.
H. An amount not to exceed ten percent of the housing trust fund monies may be appropriated annually by the legislature to the department for administrative costs in providing services relating to the housing trust fund.
I. For any construction project financed by the department pursuant to this section, the department shall notify a city, town, county or tribal government that a project is planned for its jurisdiction and, before proceeding, shall seek comment from the governing body of the city, town, county or tribal government or an official authorized by the governing body of the city, town, county or tribal government. The department shall not interfere with or attempt to override the local jurisdiction's planning, zoning or land use regulations. END_STATUTE
Sec. 2. Section 44-313, Arizona Revised Statutes, is amended to read:
START_STATUTE44-313. Deposit of monies
A. Except as otherwise provided in this section or section 44‑314, the department shall deposit, pursuant to sections 35‑146 and 35‑147, in the state general fund all monies received pursuant to this chapter, including the proceeds from the sale of abandoned property pursuant to section 44‑312, except that:
1. Except as provided in paragraph 3 of this subsection, the first two million dollars of the monies shall be deposited each fiscal year in the seriously mentally ill housing trust fund established by section 41‑3955.01.
2. The second two million five hundred thousand dollars of the monies shall be deposited in the housing trust fund established by section 41‑3955.
3. 2. Except as provided in paragraph 3 of this subsection, the next twenty‑four million five hundred thousand dollars of the monies shall be deposited each fiscal year in the department of revenue administrative fund established by section 42‑1116.01.
3. Fifty‑five percent of the proceeds from the sale of abandoned property pursuant to section 44‑312 shall be deposited in the housing trust fund established by section 41‑3955.
B. The department shall deposit monies from unclaimed shares and dividends of any corporation incorporated under the laws of this state in the permanent state school fund pursuant to article XI, section 8, Constitution of Arizona.
C. The department shall deposit monies from unclaimed victim restitution payments in the victim compensation and assistance fund established by section 41‑2407 for the purpose of establishing, maintaining and supporting programs that compensate and assist victims of crime.
D. The department shall retain in a separate trust fund at least one hundred thousand dollars from which the department shall pay claims.
E. Before making the deposit, the department shall record the name and last known address of each person who appears from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary. The department shall also record the policy or contract number of each policy or contract of an insurance company that is listed in the report, the name of the company and the amount due. The department shall make the record available for public inspection during reasonable business hours. END_STATUTE