A. The authority treasurer shall maintain a county sports authority fund consisting of all monies received by the authority, including:

1. 1. Payments received from leasing, subleasing or renting facilities.
2. 2. Revenues received by the authority from admissions and concessions and other proceeds from events held at facilities leased by the authority.
3. 3. Monies received from issuing and selling bonds under article 2 of this chapter.
4. 4. Interest and other income received from investing monies in the fund.
5. 5. Gifts, grants and donations received for that purpose from any private source.

B. Monies in the fund may be used only for the following purposes:

1. 1. Ordinary and necessary administration and operation expenses of the authority, including:

   1. (a) Reasonable salaries and employee related expenses of employees of the authority.
   2. (b) Reasonable reimbursement of expenses of members of the board of directors.
2. 2. Making all payments required under any lease or sublease of facilities by the authority.
3. 3. Repaying and redeeming bonds issued by the authority, including interest and redemption charges.
4. 4. Academic scholarships, established by the board of directors at the end of the fiscal year, to any college or university under the jurisdiction of the Arizona community college board or the Arizona board of regents. These scholarships shall be funded from unexpended and unencumbered monies remaining in the fund at the end of the fiscal year which are not otherwise required as reserves.