A.R.S. § 35-215 — Arizona Code / Title 35 / Chapter 1 / Article 6 / Section 215
35-215 Influencing, obstructing or impairing audit; classification
Status: in_force

35-215. Influencing, obstructing or impairing audit; classification

A person who, with intent to defraud, or deceive, improperly influences, obstructs or impairs an audit being conducted or about to be conducted in relation to any contract or subcontract with the state is guilty of a class 5 felony.
A.R.S. § 35-154 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 154
35-154 Unauthorized obligations; effect; liability
Status: in_force

35-154. Unauthorized obligations; effect; liability

A. No person shall incur, order or vote for the incurrence of any obligation against the state or for any expenditure not authorized by an appropriation and an allotment. Any obligation incurred in contravention of this chapter shall not be binding upon the state and shall be null and void and incapable of ratification by any executive authority to give effect thereto against the state.

B. Every person incurring, or ordering or voting for the incurrence of such obligations, and his bondsmen, shall be jointly and severally liable therefor. Every payment made in violation of the provisions of this chapter shall be deemed illegal, and every official authorizing or approving such payment, or taking part therein, and every person receiving such payment, or any part thereof, shall be jointly and severally liable to the state for the full amount so paid or received.
A.R.S. § 35-184 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 184
35-184 Numbering of warrants, checks and electronic funds transfer vouchers
Status: in_force

35-184. Numbering of warrants, checks and electronic funds transfer vouchers

A. All warrants, checks and electronic funds transfer vouchers issued by the department of administration shall be numbered in the manner prescribed by the director of the department of administration to maintain accountability.

B. All warrants, checks and electronic funds transfer vouchers issued by the department of administration shall bear on the face of the warrant, check or electronic funds transfer voucher a void date that does not exceed two years after the date of issuance.
A.R.S. § 35-451 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 451
35-451 Local debt limit; increase in limitation; authority to issue bonds; definitions
Status: in_force

35-451. Local debt limit; increase in limitation; authority to issue bonds; definitions

A. The aggregate indebtedness of a county, city, town or similar municipal corporation may be increased above six percent of the net assessed value of the full cash value of the property in such a political subdivision only as provided in this article.

B. A multi-county water conservation district may become indebted and issue bonds in the manner provided in this article.

C. Bonds may be issued under this article for any lawful or necessary purpose.

D. For the purposes of this section, "full cash value" and "net assessed value" have the same meanings prescribed in section 42-11001.
A.R.S. § 35-148 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 148
35-148 Payment for interagency services as credit to account of agency; transfer of miscellaneous state monies to general fund; exceptions
Status: in_force

35-148. Payment for interagency services as credit to account of agency; transfer of miscellaneous state monies to general fund; exceptions

A. Interagency service agreements entered into between budget units may provide for reimbursement for services performed or advancement of funds for services to be performed. In either instance, monies received by the budget unit performing the services shall be credited to its appropriation account for its use in performing the services. If funds are advanced, the agency performing the services shall make an accounting of expenditures and return any advances not used to the appropriation account of the advancing agency.

B. Except as provided in subsection A of this section, when money belonging to the state comes into the possession of a state officer, by recovery at law or otherwise, and no provision of law exists for the disposition of such money, it shall be deposited, pursuant to sections 35-146 and 35-147, in the state general fund.

C. The provisions of this section shall not apply to money realized from the sale of personal property or from the sale of real property or improvements thereon by the Arizona board of regents, or by educational institutions under the control of the Arizona board of regents, the department of child safety or the department of economic security.
A.R.S. § 35-173 — Arizona Code / Title 35 / Chapter 1 / Article 4 / Section 173
35-173 Definition of allotment schedule; appropriations; requirements; limits; exceptions
Status: in_force

35-173. Definition of allotment schedule; appropriations; requirements; limits; exceptions

A. "Allotment schedule" means a detailed plan of expenditures for a full fiscal year within a budget program or expenditure class.

B. Before monies from an authorized appropriation, or any other source, can be obligated, an allotment schedule must be approved and established by the department of administration and the governor's office of strategic planning and budgeting. The allotment schedule shall be based on the estimated annual requirement and shall distribute the available spending authority to cover the entire fiscal year's operations.

C. With the exception of the department of administration, the budget unit, on approval of the director of the department of administration and the governor's office of strategic planning and budgeting, may:

1. Transfer spending authority from one expenditure class to another.

2. Transfer spending authority between and within programs if spending authority is appropriated to the budget unit by programs.

D. A transfer within a budget unit of spending authority appropriated for land acquisition, capital projects or building renewal is allowed only on approval of the joint committee on capital review.

E. A transfer to or from personal services or employee related expenditures from or to any other budget program or expenditure class is not allowed unless recommended by the joint legislative budget committee and approved by the director of the department of administration and the governor's office of strategic planning and budgeting, except that the director of the department of administration may transfer amounts equal to the gross payroll and related employee expenses of a budget unit from the monies of a budget unit available for this purpose to payroll imprest accounts for the purpose of paying employees of the budget unit and disbursing related employee expenses.

F. A transfer of spending authority within the department of administration shall be made only with the approval of the joint legislative budget committee and the governor's office of strategic planning and budgeting, except as provided in subsection E of this section.

G. This section does not apply to the universities.
A.R.S. § 35-503 — Arizona Code / Title 35 / Chapter 3 / Article 6 / Section 503
35-503 Calculation of debt limits
Status: in_force

35-503. Calculation of debt limits

A. For purposes of calculating all debt limits pursuant to article IX, section 8 or 8.1, Constitution of Arizona, the outstanding indebtedness of a jurisdiction shall equal the total principal amount of all bonds outstanding at the time of calculation. Bonds outstanding shall include the principal amount of all bonds issued by the jurisdiction except principal that has been paid or for which monies have been deposited into a dedicated fund for the payment of the principal. The principal amount of a bond shall equal the par amount of the bond exclusive of any premium or discount.

B. The net assessed value of the full cash value is the basis for calculating the debt limitations prescribed in article IX, section 8 or 8.1, Constitution of Arizona.
A.R.S. § 35-752 — Arizona Code / Title 35 / Chapter 5 / Article 4 / Section 752
35-752 Dissolution of corporation and vesting of title in municipality or county
Status: in_force

35-752. Dissolution of corporation and vesting of title in municipality or county

Whenever the board of directors of the corporation, by resolution, determines that the purposes for which the corporation was formed have been substantially complied with and that all bonds and mortgage credit certificates theretofore issued and all obligations theretofore incurred by the corporation have been fully paid or discharged, the members of the board of directors of the corporation shall thereupon dissolve the corporation in accordance with the provisions of title 10 and all funds held by the corporation and title to its property shall vest in the municipality or county with respect to which it was organized.
A.R.S. § 35-458.01 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 458.01
35-458.01 Commercial paper; variable rate bonds; compound interest bonds; bonds subject to tender
Status: in_force

35-458.01. Commercial paper; variable rate bonds; compound interest bonds; bonds subject to tender

A. Bonds issued by a city or town may bear interest at any rate or rates not in excess of the maximum voted rate, payable at the times determined by the governing body, provided that each such bond may be evidenced by one instrument, or if commercial paper by a succession of instruments each bearing interest payable only at maturity. Bonds issued under this section shall be subject to the following:

1. The bonds may bear interest at a fixed or variable rate or any combination thereof, none of which exceeds the maximum voted rate.

2. A variable rate shall be based on any objective measure of the current value of money borrowed such as the announced prime rate of a bank, the rates borne by obligations of the United States or an index or other formula provided for by the governing body. The governing body shall employ a recognized agent in municipal bonds to market and remarket the bonds or commercial paper issued and to establish an interest rate in accordance with the approved index or formula.

3. The governing body may grant to the owner of any bond a right to tender, or may require the tender of, such bond for payment or purchase at one or more times before maturity and, in such event, shall enter into appropriate agreements with any bank, financial institution, insurance company or indemnity company for purchase of bonds so tendered. Such agreement may provide that while the bonds are held by the bank, financial institution, insurance company or indemnity company the bonds may bear interest at a rate higher than when the bonds are held by other owners, but not in excess of the maximum voted rate.

4. If bonds are tendered before maturity under an agreement to pay for or purchase bonds when tendered, the city or town may provide for the purchase and resale of such bonds pursuant to the tenders without extinguishing the indebtedness represented by them or incurring new indebtedness on the resale, whether or not such bonds are represented by the same instruments when purchased as when resold.

5. Compensation for the resale of the bonds shall not be based on or measured by the difference between the price at which the bonds are purchased and the price at which they are resold.

B. The governing body may contract with a bank, financial institution, insurance company or indemnity company to provide additional security for the bonds in the form of a line of credit, letter of credit, insurance policy or other security, may pay the costs of such additional security from amounts provided in the bond issue or from other available sources and may enter into reimbursement obligations in connection therewith, subject to the following:

1. Any reimbursement obligation entered into with the bank, financial institution, insurance company or indemnity company shall not provide for the payment of interest in excess of the maximum voted rate. The reimbursement obligation does not constitute separate indebtedness of the city or town but is payable from the same source as the bonds, or from other available revenues, as determined by the governing body.

2. Administrative costs related to the reimbursement obligation may be deducted from bond proceeds or may be treated as interest, and these costs may be added to and paid from the proceeds of taxes levied to pay interest on the bonds, subject to the maximum rate and amount approved by the voters.

C. If the bonds are issued as commercial paper or bear interest at a variable rate, taxes shall be levied for the payment of principal and interest on such bonds based on the assumption that the bonds will bear interest at the maximum rate permitted under the terms of their issuance. If monies collected pursuant to such levy are more than sufficient to pay currently maturing principal and interest, the excess may be retained in the fund for the payment of interest and principal of the bonds and the next succeeding tax levy shall be reduced by the amount of the excess or the excess shall be used in whole or in part to pay the fees of any bank, financial institution, insurance company or indemnity company which has agreed to provide monies with which to buy bonds tendered for purchase or is providing additional security for the bonds.

D. Variable rate bonds and commercial paper may be sold at competitive public sale or at negotiated sale. Notwithstanding section 35-457, a competitive public sale may be accomplished pursuant to a notice of sale which states such terms and conditions as may be provided by the governing body. The governing body shall distribute the notice of sale in the manner deemed to be in the best interests of the city or town.

E. If the bonds are to be issued in the form of commercial paper the governing body shall first provide for the establishment of the schedule for the maturities of the bonds within the maximum period permitted by the voted proposition. The individual instruments representing the bonds shall mature over shorter periods and may be retired with proceeds of subsequent instruments, or with the proceeds of definitive bonds, but they shall be finally paid according to the schedule of bond maturities or earlier. Bonds issued in the form of commercial paper may be sold through an agent in the form of instruments which mature at intervals the agent determines to be most advantageous to the issuer after giving public notice to potential investors as determined by the governing body.

F. Bonds may be issued as compound interest bonds bearing interest payable only at maturity but compounded periodically until that date at a rate no higher than the maximum voted rate. Notwithstanding section 35-458, taxes to pay the compound interest shall be levied annually and accumulated as the interest accrues unless the compound interest bonds are part of an issue which is amortized according to a plan that calls for the payment of other bonds as to principal and interest in earlier years and in amounts which would at least equal the annual interest payments on such compound interest bonds at the rate or rates borne by the bonds.
A.R.S. § 35-704 — Arizona Code / Title 35 / Chapter 5 / Article 1 / Section 704
35-704 Amendment to articles
Status: in_force

35-704. Amendment to articles

The articles of incorporation may at any time and from time to time be amended to make any changes therein and add any provisions thereto which might have been included in the certificate of incorporation in the first instance, provided that the members of the board of directors of the authority first shall file with the authorizing governing body an application in writing seeking permission to amend the articles of incorporation, specifying in such application the amendment proposed to be made. The governing body thereof shall consider such application and, if by resolution it finds and determines that it is wise, expedient, necessary or advisable that the proposed amendment be made, authorizes the same to be made, and approves the form of the proposed amendment, then the persons making such application shall proceed to amend the articles in accordance with the provisions of title 10.
A.R.S. § 35-395 — Arizona Code / Title 35 / Chapter 2 / Article 11 / Section 395
35-395 Publicly managed funds; Chinese companies and investments; divestment; immunity; severability; definitions
Status: in_force

35-395. Publicly managed funds; Chinese companies and investments; divestment; immunity; severability; definitions

A. A publicly managed fund may not hold an investment in any of the following:

1. The People's Republic of China.

2. A company that is owned by the People's Republic of China.

3. A company that is domiciled, incorporated or headquartered within the People's Republic of China.

4. A company that is controlled by the government of the People's Republic of China, the Chinese Communist Party, the Chinese military or any instrumentality of the government of the People's Republic of China, the Chinese Communist Party or the Chinese military.

5. A company that is majority-owned by an entity controlled by the government of the People's Republic of China, the Chinese Communist Party, the Chinese military or any instrumentality of the government of the People's Republic of China, the Chinese Communist Party or the Chinese military.

B. Subsection A of this section does not apply to a company solely because the company has a subsidiary or affiliate described in subsection A, paragraphs 1 through 5 of this section.

C. Except as provided in subsection D of this section, on September 26, 2025, a publicly managed fund shall immediately begin divestment of any holdings or investments prohibited by subsection A of this section. A publicly managed fund shall complete total divestment as soon as financially prudent but not later than one year after September 26, 2025. In order to identify the prohibited holdings or investments, each publicly managed fund shall do at least one of the following:

1. Review publicly available information regarding the companies and investments, including information provided by nonprofit organizations, research firms and governmental entities.

2. Contact asset managers and fund managers contracted by a publicly managed fund that invest in companies and in funds that are owned by or are domiciled within China or whose primary affairs are conducted within China.

3. Contact institutional investors that have divested from or engaged with companies that are owned by or are domiciled within China or whose primary affairs are conducted within China.

4. Retain an independent research firm to identify companies that are direct or indirect investment holdings of the publicly managed fund and that are owned by or are domiciled within China or whose primary affairs are conducted within China.

D. A publicly managed fund is not required to divest holdings or investments prohibited by subsection A of this section if less than one percent of the value of the total holdings or investments of the fund are made up of investments in Chinese companies and the cost to the publicly managed fund of divesting from the prohibited holdings or investments over the next five years is more than one percent of the value of the total holdings or investments otherwise prohibited pursuant to subsection A of this section.

E. This section does not inhibit, conflict with, impede or otherwise interfere with any required financial safeguards, fiduciary requirements or other sound investment criteria that a publicly managed fund is subject to, including any obligations with respect to choice of asset managers, investment funds or investments for fund investment portfolios.

F. With respect to any action performed pursuant to this section, each publicly managed fund and any person acting on behalf of the publicly managed fund:

1. Are exempt from any conflicting statutory or common law obligation or fiduciary duties with respect to choice of asset managers, investment funds or investments.

2. Are subject to title 12, chapter 7, article 2 regarding immunity for acts and omissions.

3. Are indemnified and held harmless by this state from claims, demands, suits, actions, damages, judgments, costs, charges and expenses, including attorney fees, and against all liability, losses and damages because of a decision to sell, redeem, divest or withdraw holdings of a restricted company made pursuant to this section.

G. If any provision of this section or its application to any person or circumstance is held invalid, the invalidity does not affect any other provision or application of this section that can be given effect without the invalid provision or application, and to this end the provisions of this section are severable.

H. For the purposes of this section:

1. "Company" means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company or other entity or business association, including a wholly owned subsidiary, a majority-owned subsidiary, a parent company or an affiliate of those entities or business associations, that exists for the purpose of making a profit, including a bank or other financial institution.

2. "Divestment" means the sale, forfeiture or other contractual end of any current or planned investments.

3. "Domicile" means the country where a company is registered, where the company's affairs are primarily completed or where the majority of the ownership share is held.

4. "Investment" means a transfer of monies into any active, passive, direct or indirect structure that seeks to generate revenue or accomplish any other gain, including nonmonetary gains.

5. "Publicly managed fund" means a short-term or long-term investment structure that is managed, run, controlled or otherwise overseen by this state or a political subdivision of this state.
A.R.S. § 35-391 — Arizona Code / Title 35 / Chapter 2 / Article 7 / Section 391
35-391 Credit card payments by governmental entities; disclosure; definitions
Status: in_force

35-391. Credit card payments by governmental entities; disclosure; definitions

A. A governmental entity may require that a vendor accept a specific method of payment exclusively for any goods or services provided by the vendor to the governmental entity. If a governmental entity requires a specific method of payment be used exclusively, the governmental entity must disclose the required method of payment during the bid process or amend the contract under mutual agreement with the vendor.

B. If a governmental entity pays a vendor by credit card for goods or services provided by the vendor to the governmental entity, the governmental entity shall disclose in its annual financial report the amount of any reward, discount, incentive or other financial consideration received by the governmental entity resulting from the credit card payment.

C. For the purposes of this section:

1. "Credit card" has the same meaning prescribed in section 35-101.

2. "Governmental entity" means an agency, board, commission, department or other entity operating under the authority of this state or a city, town, county, school district, community college district or special taxing district.
A.R.S. § 35-708 — Arizona Code / Title 35 / Chapter 5 / Article 1 / Section 708
35-708 Financing certain owner-occupied single family dwellings; exception
Status: in_force

35-708. Financing certain owner-occupied single family dwellings; exception

A. For purposes of section 35-701, paragraph  6, in areas other than a slum or blighted area, the authority undertaking the bond issue shall set aside for sixty days thirty percent of the mortgages for owner-occupied single family dwelling units for persons and families whose income is below the median family income of this state.

B. This section does not apply to projects described in section 35-701, paragraph 7, subdivision (a), item (iii) or programs established pursuant to section 35-706, subsection A, paragraph 14.
A.R.S. § 35-401 — Arizona Code / Title 35 / Chapter 3 / Article 1 / Section 401
35-401 Definitions
Status: in_force

35-401. Definitions

In this article, unless the context otherwise requires:

1. "Bonds" means tax anticipation bonds issued pursuant to this article.

2. "Loan commissioners" means the loan commissioners of this state.

3. "Taxes" means state excise taxes levied pursuant to lawful appropriations, which are due or will become due prior to the end of the fiscal year but which remain uncollected, in anticipation of which bonds may be issued.

4. "Treasurer" means state treasurer.
A.R.S. § 35-185.02 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 185.02
35-185.02 Treasurer's warrant note redemption fund; receipt; appropriation
Status: in_force

35-185.02. Treasurer's warrant note redemption fund; receipt; appropriation

A. The treasurer's warrant note redemption fund is established. Any time treasurer's warrant notes are issued and remain outstanding, all monies that would otherwise be paid into the state general fund, except for amounts sufficient to pay the salaries of constitutional officers of this state, shall be deposited in the treasurer's warrant note redemption fund. All monies in the treasurer's warrant note redemption fund shall be used exclusively to pay the principal of and interest on treasurer's warrant notes, and to pay the fees and charges authorized by this chapter. Monies in the treasurer's warrant note redemption fund shall be invested by the state treasurer, or a paying agent appointed pursuant to section 35-185.01, subsection K, and shall be credited to the treasurer's warrant note redemption fund.

B. If all warrant notes have been redeemed and the principal of and interest on such warrant notes have been paid along with any fees and charges authorized by this chapter, the paying agent shall return all unused and unneeded monies to the treasurer and the treasurer shall transfer any remaining amounts in the treasurer's warrant note redemption fund to the state general fund.

C. All monies deposited in the treasurer's warrant note redemption fund are appropriated to the state treasurer to pay the principal of and interest on outstanding treasurer's warrant notes and to pay any fees and charges authorized by this chapter. The amount appropriated to the treasurer pursuant to this subsection constitutes a continuing appropriation and shall not exceed the sum of the face values of the treasurer's warrant notes issued plus an additional one-fifth of that sum for paying interest on the treasurer's warrant notes and fees and charges authorized by this chapter. The state treasurer, if authorized by the state loan commission, may provide for the payment of a premium on redemption and payment of warrant notes before the maturity date established at the time of issuance.

D. The presentation on or after the maturity date or earlier call date of a treasurer's warrant note shall constitute full and sufficient authority for the state treasurer or a paying agent appointed pursuant to section 35-185.01, subsection K to disburse public monies from the treasurer's warrant note redemption fund in the amount stated on the face of the treasurer's warrant note plus any interest and prior redemption premiums, if applicable, when due.

E. All amounts deposited in the treasurer's warrant note redemption fund are pledged and held in trust for the benefit of the holders of the treasurer's warrant notes for the exclusive payment of the principal of and interest on outstanding treasurer's warrant notes and the payment of the fees and charges authorized by this chapter. All monies so pledged and received by the treasurer to be placed in the treasurer's warrant note redemption fund are immediately deemed assigned to and held in trust, without notice or recording of any nature whatsoever, for the holders of outstanding treasurer's warrant notes and other persons to be paid as provided by this article.
A.R.S. § 35-197 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 197
35-197 Violations; classification
Status: in_force

35-197. Violations; classification

Any officer, agent or employee of the state who knowingly fails or refuses to comply with any of the provisions of this chapter is guilty of a class 1 misdemeanor.
A.R.S. § 35-607 — Arizona Code / Title 35 / Chapter 4 / Article 1 / Section 607
35-607 Powers of district to consummate plan; issuance of refunding bonds; hearing upon resolution; notice
Status: in_force

35-607. Powers of district to consummate plan; issuance of refunding bonds; hearing upon resolution; notice

A. Upon filing a certified copy of the resolution as provided by section 35-606, the taxing district may consummate the plan of readjustment, and in doing so, shall have the following powers and duties:

1. To cancel in whole or in part, or remit or reduce, the monies payable under any bonds, warrants or evidences of indebtedness or other obligations of, or issued by, the taxing district sought to be refunded by the plan of readjustment.

2. To issue refunding bonds to refund obligations specified in subdivision (e) of this paragraph, subject to the following:

(a) Such obligations may be those of, or issued by, the taxing district, as described in the plan of readjustment. The refunding bonds shall have such denominations, rates of interest and maturities, and shall be payable by taxes, special assessment taxes or special assessments, levied or assessed in the manner provided in the plan of readjustment, except that no such refunding bonds shall exceed in amount, or bear a higher rate of interest than, the total obligations sought to be refunded.

(b) If the bonds sought to be refunded were issued pursuant to statute requiring an election as a prerequisite for the issuance of the bonds, it is not necessary to hold an election to authorize the issuance of the refunding bonds, except as may be required by the constitution and laws of this state.

(c) The refunding bonds need not be payable from taxes or special assessments levied or assessed in the manner in which the bonds sought to be refunded were payable. By way of illustration of, but not by way of limitation upon, the powers granted by this article, bonds payable by taxes levied in whole or in part according to the assessed valuation of real or taxable property in a district may be refunded by the issuance of refunding bonds so payable or by the issuance of refunding bonds constituting specific liens upon real property described in the refunding bonds and subject to enforcement, collection and foreclosure pursuant to the plan of readjustment, but anything to the contrary in this article notwithstanding, no refunding bonds shall be payable by the levy of taxes or special assessment taxes upon all taxable property in a district unless the bonds sought to be refunded were payable by the levy of taxes or special assessment taxes upon all such taxable property in a district.

(d) It is sufficient for the purpose of this article that the petition sets forth by reference or authorizes:

(i) The procedure to be followed, respectively, in the levy and collection of taxes, special assessment taxes or special assessment for the payment of the refunding bonds.

(ii) The character, effect of and method of enforcing the liens sought to be created by the issuance of the refunding bonds.

(iii) The rights of the holders of the refunding bonds upon the issuance thereof.

(e) The refunding bonds authorized by this article shall include bonds to refund bonds secured by unpaid assessments already levied upon real property in a district, and shall also include bonds to fund or refund or pay any obligation of the taxing district whether or not reduced to judgment, whether or not represented by any written instrument and whether arising by contract, statute or otherwise.

3. To issue new securities, notes, warrants and obligations, and to enter into contracts, agreements, arrangements and readjustments with creditors or other persons as authorized or contemplated by any law of the state and approved by the court under the provisions of the federal bankruptcy statute.

4. To adopt ordinances necessary to accomplish the purposes of this article or to provide due process of law with respect to any proceedings authorized by this article. The officers of the taxing district, or the officers referred to in section 35-602, are constituted a legislative body of the taxing district for such purpose.

5. To assess, levy and collect taxes, special assessment taxes and special assessments and to enforce the collection thereof by officers as provided by law.

6. To cancel or reduce the taxes or special assessment taxes already levied or assessed by the taxing district or in its behalf upon any taxable or real property within the district, if such levy or assessment was for the purpose of paying the principal or interest on the bonds sought to be refunded by the plan of readjustment, in the manner and as set forth in the plan of readjustment. The powers granted by this article shall include cancellation or reduction of interest, penalties and costs which may be levied as assessed upon the property within the district by reason of any previous delinquency in the payment of the taxes or special assessments.

B. If the plan of readjustment contemplates the issuance of refunding bonds payable by special assessment taxes or by special assessments or reassessments which will constitute liens upon real property, the taxing district may not adopt the resolution provided by section 35-606 unless, before entry of the final decree or order confirming the plan of readjustment, it holds a hearing after notice thereof as provided in this article. In such event before signing of the order or decree of the federal district court approving the plan of readjustment, the taxing district shall give notice, for a reasonable time and in a reasonable manner, of its intention to adopt the resolution provided by section 35-606 after the entry of the final decree or order, of the fact that by the plan of readjustment it is proposed to levy special assessments or reassessments or special assessment taxes upon real property in the amounts and in the manner set forth in the plan of readjustment and of the time and place when and where all persons interested in any such assessments or reassessments or special assessment taxes may be heard by the taxing district.

C. The taxing district shall prescribe by ordinance or resolution the manner of holding the hearing provided by subsection B of this section and of giving notice thereof and the effect to be given to its determination at the hearing.

D. The enumeration of powers in this section shall not be deemed to exclude powers not provided for in this article that may be necessary for or incidental to the accomplishment of the purposes of this article.
A.R.S. § 35-705 — Arizona Code / Title 35 / Chapter 5 / Article 1 / Section 705
35-705 Board of directors
Status: in_force

35-705. Board of directors

The authority shall have a board of directors in which all powers of the authority shall be vested and that shall consist of any number of directors, not less than three nor more than nine, all of whom shall be duly qualified electors of the municipality or county with respect to which the authority was formed, except that a corporation that is formed by the Arizona finance authority shall be governed pursuant to section 41-5353. In the case of a corporation formed with the permission of the Arizona board of regents the directors must be qualified electors of this state. In the case of a corporation formed with the permission of the Arizona finance authority, the Arizona finance authority board shall serve as the board of the industrial development authority.  The directors shall serve without compensation, except that the directors shall be reimbursed for their actual expenses incurred in the performance of their duties in the same manner as is provided for other state officers. A director shall not be an officer or employee of the authorizing municipality or county. All directors shall declare any conflict of interest as provided in title 38, chapter 3, article 8. The directors shall be elected by the governing body of the authorizing municipality or county, and they shall be so elected that they shall hold office for overlapping terms. At the time of the election of the first board of directors the governing body of the municipality or the county shall divide the directors into three groups containing as nearly equal whole numbers as possible. The first term of the directors included in the first group shall be two years, the first term of the directors included in the second group shall be four years, the first term of the directors included in the third group shall be six years, and thereafter the terms of all directors shall be six years. The governing body may remove a director at any time, with or without cause.
A.R.S. § 35-189 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 189
35-189 Issuance of certificate for claim for which no appropriation made
Status: in_force

35-189. Issuance of certificate for claim for which no appropriation made

In all instances in which the law recognizes a claim for money against the state, but no appropriation has been made by law to pay such claim, the department of administration shall audit and adjust the claim, if presented to it, and give the claimant a certificate of the amount thereof, under its official seal if demanded, and shall report it to the next succeeding regular session of the legislature.
A.R.S. § 35-174 — Arizona Code / Title 35 / Chapter 1 / Article 4 / Section 174
35-174 Vacancy savings; definition; personal services and employee related expenditures; reversion
Status: in_force

35-174. Vacancy savings; definition; personal services and employee related expenditures; reversion

A. A "vacancy saving" is any monies saved or generated in personal services and employee related expenditures by:

1. Not filling a position which has become vacant by termination of an employee.

2. Not filling a newly authorized position.

3. Filling an authorized position at a grade or step lower than is authorized by the legislature.

4. A downward reclassification of an authorized position.

B. A vacancy saving shall not be expended by the budget unit, except upon approval of the director of the department of administration, for any of the following purposes:

1. Awarding merit increases to state employees.

2. Funding reclassified positions.

3. Creating new positions that exceed the total number of full-time equivalent positions as approved by the joint appropriations committees and reported annually in the appropriations report.

C. An unexpended vacancy saving shall revert to the fund from which appropriated except as provided in section 15-1661, subsection E. The reversion shall occur at the end of each fiscal year.

D. This section applies only to funds appropriated by the legislature.
A.R.S. § 35-483 — Arizona Code / Title 35 / Chapter 3 / Article 4.1 / Section 483
35-483 Option to accelerate upon delinquency
Status: in_force

35-483. Option to accelerate upon delinquency

A. If any installment is delinquent, the governing body may order that the whole of the unpaid principal amount of the assessment become immediately due and payable, and be collected by summary sale proceedings pursuant to section 35-482.

B. If such order is made, the amount for which the property is to be sold shall include, in addition to the delinquent installments, penalties, interest and charges, the other amounts necessary to prepay such assessment in full computed pursuant to applicable law.

C. If such order is made, the owner or persons interested may, at any time prior to sale, pay the delinquent installments, with interest, penalties and charges, and thereupon be restored to the right thereafter to pay in installments in the same manner as if default has not occurred, and the amount of interest, penalties and charges which shall accrue shall be unaffected by exercise of the option to accelerate hereby provided.

D. Notices pursuant to section 35-482 shall, when the option to accelerate has been exercised, so state and shall state the unpaid principal balance of the assessment for which the property is to be sold.
A.R.S. § 35-142 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 142
35-142 Monies kept in funds separate from state general fund; receipt and withdrawal
Status: in_force

35-142. Monies kept in funds separate from state general fund; receipt and withdrawal

A. All monies received for and belonging to this state shall be deposited in the state treasury and credited to the state general fund except the following, which shall be placed and retained in separate funds:

1. The unexpendable principal of monies received from federal land grants shall be placed in separate funds, and the account of each separate fund shall bear a title indicating the source and the institution or purpose to which the fund belongs.

2. The interest, rentals and other expendable monies received as income from federal land grants shall be placed in separate accounts, each account bearing a title indicating the source and the institution or purpose to which the fund belongs. Such expendable monies shall be expended only as authorized, regulated and controlled by the general appropriations act or other act of the legislature.

3. All private or quasi-private monies authorized by law to be paid to or held by the state treasurer shall be placed in separate accounts, each account bearing a title indicating the source and purpose of the fund.

4. All monies legally pledged to retire building indebtedness or bonds issued by those institutions authorized to incur such indebtedness or to issue such bonds shall be placed in separate accounts.

5. Monies of a multi-county water conservation district authorized by law to be paid to or held by the state treasurer shall be placed in separate accounts, each account bearing a title indicating the source and purpose of the fund.

6. All monies collected by the Arizona game and fish department shall be deposited in a special fund known as the state game and fish protection fund for the use of the Arizona game and fish commission in carrying out title 17.

7. All federal monies that are received by the department of economic security for family assistance benefits and medical eligibility as a result of efficiencies developed by the department of economic security and that would otherwise revert to the state general fund pursuant to section 35-190 shall be retained for use by the department of economic security in accordance with the terms and conditions imposed by the federal funding source in an account or accounts established or authorized by the state treasurer.

8. Monies designated by law as special state funds shall not be considered a part of the state general fund.  Unless otherwise prescribed by law, the state treasurer is the custodian of all such funds.

9. All monies received and any accounts established and maintained by the director of the Arizona state retirement system or the administrator of the public safety personnel retirement system, the corrections officer retirement plan and the elected officials' retirement plan.

10. Monies received by a state agency or institution as a gift, devise or donation shall not be considered a part of the state general fund or transferred to the state general fund unless the gift, devise or donation specifically authorizes a general state use for the monies. A state agency or institution that receives a monetary gift, devise or donation shall account for those monies separately.

11. All monies received by the Arizona game and fish commission in connection with clean water act in-lieu fee projects shall be deposited in a special trust fund, known as the game and fish in-lieu fee program restoration endowment trust fund, established by section 17-265 for the use of the Arizona game and fish commission solely for the following:

(a) The purposes authorized under any enabling instrument between the commission, the United States army corps of engineers and the United States environmental protection agency.

(b) Site selection, design, implementation, monitoring, management and administrative costs related to the Arizona game and fish department's responsibilities as an in-lieu fee sponsor pursuant to sections 401 and 404 of the clean water act.

B. Monies shall not be received or held by the state treasurer except as authorized by law, and in every instance the treasurer shall issue a receipt for monies received and shall record the transaction in the statewide accounting system. Monies shall not be withdrawn from the treasury except on the warrant, check or substitute check, or electronic funds transfer voucher of the department of administration.

C. Monies received for and belonging to this state and resulting from compromises or settlements by or against this state, excluding restitution and reimbursement to state agencies for costs or attorney fees, shall be credited to the state general fund unless specifically credited to another fund by law. A fund consisting of monies other than monies received for restitution, costs or attorney fees shall not be established by a court order without prior legislative authorization.  For the purposes of this subsection, "restitution" means monies intended to compensate a specific, identifiable person, including this state, for economic loss.

D. All federal monies granted and paid to this state by the federal government shall be accounted for in the accounts or funds of this state in the necessary detail to meet federal and state accounting, budgetary and auditing requirements, and all appropriations for matching such federal monies shall be transferred from the state general fund to such separate funds as needed, except as otherwise required by the federal government.

E. This section does not require the establishment of separate accounts or funds for such federal monies unless otherwise required by federal or state law. The department of administration may use the most efficient system of accounts and records, consistent with legal requirements and standard and necessary fiscal safeguards.

F. This section does not preclude the department of administration from establishing a clearing account or other acceptable accounting method to effect prompt payment of claims from an approved budget or appropriation. The department of administration shall report each account or fund established or cancelled to the directors of the joint legislative budget committee and the governor's office of strategic planning and budgeting.

G. This section and any other section do not preclude the use of monies kept in funds separate from the state general fund, the interest from which accrues to the state general fund, to pay claims against the state general fund if sufficient monies remain available to pay claims against such funds.

H. The department of administration may issue warrants, checks or electronic funds transfer vouchers for qualified expenditures of federal program monies before they are deposited in the state treasury. The receipt of federal monies shall be timed to coincide, as closely as administratively feasible, with the redemption of warrants, checks or substitute checks, or electronic funds transfer vouchers by the state treasurer.  The department of administration shall limit expenditures to the amount that has been made available to use under the grant award by the federal government. The state agency initiating the expenditures is responsible for ensuring that expenditures qualify for coverage under the guidelines of the federal grant award.

I. The department of administration shall establish policies and procedures for all state agencies for drawing federal monies. When the established method results in federal monies being held by this state, the department of administration may use the interest earned on the monies to pay the federal government for any related interest liability. If an interest liability is incurred due to a state agency varying from the established policies and procedures, the department of administration shall charge the appropriate agency account or fund. Any federal interest liability owed to this state resulting from the delayed federal disbursements shall be used to offset this state's interest liability to the federal government. Any remaining interest earnings shall be deposited in the state general fund.

J. Any state agency or authorized agent of a state agency may accept credit cards pursuant to an agreement entered into by the state treasurer pursuant to section 35-315 to pay any amount due to that agency or agent or this state.

K. Except for the department of revenue, agencies or authorized agents on behalf of state agencies that accept credit cards shall deduct any applicable discount fee and processing fee associated with the transaction amount before depositing the net amount in the appropriate state fund. No other reduction is allowed against the transaction amount. The net amount deposited in the appropriate state fund shall be considered as the full deposit required by law of monies received by the agency or the authorized agent. Payment of any applicable discount fee and processing fee shall be accounted for in the annual report submitted to the governor's office of strategic planning and budgeting in accordance with section 41-1273. The transaction amount of any credit card transaction shall not be reduced by any discount fee or processing fee in an amount of more than the merchant card settlement fees reflected in the state banking contract with the state treasurer's office.

L. Any state agency that contracts with an authorized agent to electronically process transactions pursuant to title 41, chapter 23 may include a provision in the contract to allow the authorized agent to impose a convenience fee or a service fee or surcharge. If allowed, the convenience fee or the service fee or surcharge shall be charged to the cardholder in addition to the transaction amount, except for the following:

1. Except as provided in subsection R of this section, any permits, licenses or other authorizations needed to pursue a trade or occupation in this state.

2. Except as provided in subsection R of this section, any permits, licenses or other authorizations needed to establish, expand or operate a business in this state.

3. Except as provided in subsection R of this section, any permits, licenses or other authorizations needed to register a vehicle or license a driver in this state.

M. Each state agency or its authorized agent shall:

1. Deduct the amount of the convenience fee or the service fee or surcharge before depositing the transaction amount or the transaction amount reduced by the discount fee or the processing fee, or both, into the appropriate state fund.

2. Not deduct any part of the convenience fee or the service fee or surcharge from the transaction amount before depositing the net amount into the appropriate state fund.

3. Deduct the amount of the discount fee or the processing fee, or both, from the transaction amount before depositing the net amount into the appropriate state fund.

N. The net amount deposited in the appropriate state fund pursuant to subsection L or M of this section shall be considered as the full deposit of monies that is required by law and that is received by the agency.

O. Before charging a convenience fee or a service fee or surcharge, a state agency shall submit the proposed convenience fee or the proposed service fee or surcharge to the state treasurer for approval. If the state treasurer determines that the proposed convenience fee or the proposed service fee or surcharge is necessary to ensure the efficient processing of payments to the state agency and complies with the standards of the credit card industry, the state treasurer shall approve the convenience fee or the service fee or surcharge.  Notwithstanding section 35-142.01, convenience fees received by a state agency or its authorized agent may be used to offset the costs imposed by the authorized agent in processing the transactions.

P. When the percentage of electronic transactions first exceeds at least thirty percent of a state agency's total transactions, the state agency shall perform a cost benefit report, including costs of convenience fees or the service fee or surcharge, the amount of revenue generated and any realized cost savings.

Q. This section and any other provision of law do not authorize any state agency, authorized agent of any state agency or budget unit to establish a bank account for any government monies. All monies received by or on behalf of this state shall be deposited with and in the custody of the state treasurer or in an account that is authorized by the state treasurer pursuant to this section. This subsection does not apply to monies received and any accounts established and maintained by the director of the Arizona state retirement system or the administrator of the public safety personnel retirement system, the corrections officer retirement plan and the elected officials' retirement plan.

R. If a state agency provides an alternative method of payment, the convenience fee or the service fee or surcharge may be charged to the cardholder in addition to the transaction amount.
A.R.S. § 35-193 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 193
35-193 Revolving funds
Status: in_force

35-193. Revolving funds

A. The supervisory official of a budget unit may apply to the department of administration to provide a revolving fund in an amount that will allow the budget unit to pay operating expense items under procedures prescribed by the department of administration.

B. The application for a revolving fund shall state the purposes for which required, the amount deemed necessary, the person who will have custody of and be charged with handling and accounting the fund and the appropriation or other fund to which the revolving fund is to be charged.

C. The department of administration shall review the application as to purpose and reasonableness of amount requested and if acceptable may draw a warrant, check or electronic funds transfer voucher to the order of the officer applying therefor, and charge the amount thereof against the appropriation or other fund of that budget unit as requested.

D. The manner of accounting for a revolving fund shall be as prescribed by the director of the department of administration. A revolving fund established under this section does not revert to the state general fund at the end of the fiscal year.

E. At the request of the director of the department of administration, the applicant shall return to the state treasurer the full amount of the revolving fund or amount requested, and claims for services of the officer applying therefor or the head of the budget unit shall not be paid until the request has been complied with.
A.R.S. § 35-196.05 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 196.05
35-196.05 Public funding; family planning services; contracting with certain facilities; prohibition; enforcement; definitions
Status: in_force

35-196.05. Public funding; family planning services; contracting with certain facilities; prohibition; enforcement; definitions

A. Subject to any applicable requirements of federal law, regulations or guidelines, any appropriation, expenditure or grant of public monies for family planning services by this state or any political subdivision of this state shall be made in the following order of priority:

1. To health care facilities that are owned or operated by this state or any political subdivision of this state.

2. To hospitals and federally qualified health centers.

3. To rural health clinics.

4. To health care providers whose primary area of practice is the provision of primary health services as enumerated in 42 United States Code section 254b(b)(1).

B. This state or any political subdivision of this state may not enter into a contract with or make a grant to any person that performs nonfederally qualified abortions or maintains or operates a facility where nonfederally qualified abortions are performed for the provision of family planning services.

C. The attorney general or the county attorney may bring an action in law or equity to enforce this section, and relief shall be made available in appropriate circumstances, including recoupment and declaratory and injunctive relief.

D. Any entity that is eligible for the receipt of public monies has standing to bring any action that the attorney general or the county attorney may bring pursuant to subsection C of this section, if the expenditure or grant of public monies has resulted in the reduction of public monies available to that entity.

E. Any monies that are recouped under actions taken pursuant to subsection C or D of this section shall revert to the fund from which the monies were appropriated or granted. A prevailing plaintiff under subsection C or D of this section shall be awarded reasonable attorney fees and costs.

F. For the purposes of this section:

1. "Abortion" has the same meaning prescribed in section 36-2151.

2. "Federally qualified health center" means a health care provider that is eligible for federal funding under 42 United States Code section 1396d(1)(2)(B).

3. "Hospital" means a primary or tertiary care facility licensed pursuant to title 36, chapter 4, article 2.

4. "Nonfederally qualified abortion" means an abortion that does not meet the requirements for federal reimbursement under title XIX of the social security act.

5. "Public monies" means state monies from whatever source, monies of a political subdivision from whatever source and federal monies provided under title X of the public health service act (42 United States Code sections 300 through 300a-8) and titles V, XIX and XX of the social security act.

6. "Rural health clinic" means a health care provider that is eligible to receive federal funding under 42 United States Code section 1395x(aa)(2).
A.R.S. § 35-456 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 456
35-456 Amount, denomination and form of bonds
Status: in_force

35-456. Amount, denomination and form of bonds

A. The governing body or board shall cause the bonds to be prepared in the amount and denominations authorized, or whole multiples of such denominations, bearing the date of issuance and numbered in a convenient manner. Bonds voted at one or more elections, for one or more different purposes and subject to one or more debt limits may be combined into a single issue or series maturing at such times and containing such options for redemption prior to maturity, with or without premium, as the governing body or board may determine prior to the issuance of the bonds. On or before retirement of bonds of such a combined issue, the governing body or board shall determine the voted purpose or purposes for which the bonds being retired were issued. This determination is conclusive in calculating the amount of bonds remaining outstanding for each such voted purpose and for calculating outstanding bonded indebtedness with respect to article IX, sections 8 and 8.1, Constitution of Arizona.

B. The bonds shall be signed and attested:

1. When issued by the county, by the chairman and the clerk of the board of supervisors.

2. When issued by a city or town, by the mayor and the city clerk.

3. When issued by any other municipal corporation, by the executive officer and clerk of the governing body of such corporation. Any signature may be affixed either by manual signature or by a facsimile reproduction of a manual signature if the signer adopts the facsimile reproduction as and for such person's actual signature.

C. The corporate seal of any such political subdivision or municipal corporation may be affixed to the bonds either manually or by photographic reproduction.

D. The bonds may be payable to bearer or may be in fully registered form without coupons and shall mature in not to exceed forty years from the date of their issuance. Coupons for the interest may be attached to each bearer bond bearing a facsimile of the signatures of the officers as they appear upon the bonds.

E. The form, including whether registrable as to principal or as to both principal and interest, denomination and manner of execution of tax secured bonds issued pursuant to both this article and title 9, chapter 5, article 3 shall be governed by title 9, chapter 5, article 3.

F. The governing body may employ registrars and transfer and paying agents to administer the bonds. All or any part of the costs of registration, transfer and payment may be deducted from bond proceeds or may be treated as interest and such costs may be added to and paid from the proceeds of taxes levied to pay interest on the bonds.
A.R.S. § 35-456.01 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 456.01
35-456.01 Bonds; manual affixing of signatures
Status: in_force

35-456.01. Bonds; manual affixing of signatures

Wherever any statute requires that any bond issued by a public body be signed manually by two or more officers or other individuals, all such signatures and counter signatures may be printed, lithographed, engraved, or otherwise mechanically reproduced, except that one of the signatures or counter signatures to the bonds shall be manually affixed.
A.R.S. § 35-743 — Arizona Code / Title 35 / Chapter 5 / Article 3 / Section 743
35-743 Liability insurance
Status: in_force

35-743. Liability insurance

Notwithstanding any other provision of law, the municipality or county in which an industrial development authority corporation has been organized may expend public monies to procure liability insurance covering the corporation and its board directors, members, officers, agents and employees, or may include the corporation and its board directors, members, officers, agents and employees in a self-insurance program in the same manner and to the same extent that the municipality or county is authorized by law to do so for its officers, agents and employees.
A.R.S. § 35-1203 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1203
35-1203 Subrogation of administrator to depositor's rights; distribution of assets; payment
Status: in_force

35-1203. Subrogation of administrator to depositor's rights; distribution of assets; payment

On payment in full to any public depositor on any claim presented pursuant to this chapter, the administrator shall be subrogated to all of the depositor's rights, title and interest against the depository that is in default or insolvent and shall share in any distribution of the defaulting or insolvent depository's assets ratably with other depositors. The sums received from any distribution shall be paid to the other eligible depositories against which assessments were made, in proportion to those assessments, after any proper payment or expense of the administrator in enforcing the claim is paid.
A.R.S. § 35-1001 — Arizona Code / Title 35 / Chapter 8 / Article 1 / Section 1001
35-1001 Definitions
Status: in_force

35-1001. Definitions

In this chapter, unless the context otherwise requires:

1. "Governmental entity" means this state, any county, city, town, municipality or other political subdivision of this state or any department, agency, board, commission, authority, political subdivision, public corporation or other public entity of any of the foregoing or controlled by any of the foregoing, provided that each of the foregoing must comprise a geographical area with a population of at least three hundred thousand persons according to the most recent United States decennial census or special census.

2. "Obligations" means bonds, notes, bond anticipation notes, commercial paper or other evidences of indebtedness or lease, installment purchase or other agreements or purchasing programs or certificates of participation.

3. "Swap agreement" means an agreement, between a governmental entity and a financial institution, including an insurance company, bank indemnity company or a company related to a financial institution, pursuant to which payments are to be made by the governmental entity to the financial institution and are also to be made by the financial institution to the governmental entity, and which is entered into in order to manage interest rate risk, investment risk, or commodity prices or is entered into in connection with carrying or securing of obligations of a governmental entity.
A.R.S. § 35-773 — Arizona Code / Title 35 / Chapter 5 / Article 6 / Section 773
35-773 State program; representative; plan approval; bond rating
Status: in_force

35-773. State program; representative; plan approval; bond rating

A. All industrial development authorities are authorized to exercise powers and issue revenue bonds to finance student loans in accordance with this chapter so that the state's student loan program is available for eligible students at educational institutions as a student loan program of general application in this state and approved by this state.

B. The state program representative shall approve or disapprove a plan submitted under section 35-772, with or without a hearing, not later than thirty days after receipt of the plan and shall promptly notify the corporation that submitted the plan of the approval or disapproval.  If the state program representative does not notify the corporation that submitted the plan of the approval or disapproval within forty-five days after receiving the plan, the plan is deemed approved. Approval of a plan constitutes a finding by the state program representative that:

1. The origination or acquisition of student loans by the corporation or its agent or agents, a qualified educational institution or an eligible lender to eligible students or their parents will assist the students in attending an educational institution and financing the student's education.

2. Adequate provision has been or will be made for the payment of the principal of or interest on any bonds issued by the corporation to finance the loan program and for the reasonable expenses of the administration of the loan program.

3. The proposed procedures for application of the bond proceeds, the collection of payments, interest charges and any other matters concerning the administration of the loan program are in conformance with the laws of this state.

C. If the bonds are rated in the "A" category or better, without regard to modifiers within the "A" category, by a nationally recognized bond rating agency, that rating is conclusive proof that adequate provision for payment has been made pursuant to subsection B, paragraph 2 of this section.
A.R.S. § 35-314.03 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 314.03
35-314.03 State, tribal and political subdivision endowment funds; state investment authority
Status: in_force

35-314.03. State, tribal and political subdivision endowment funds; state investment authority

A. In addition to the investment authority in section 35-313, the state treasurer may invest and reinvest trust monies of this state, state agencies, political subdivisions and tribal nations in equity securities pursuant to section 35-314 for long-term endowment funds.

B. Monies shall not be taken from one endowment fund for deposit in any other endowment fund.

C. All monies in these endowment funds shall be invested in safe interest-bearing securities and prudent equity securities consistent with the requirements of section 35-314.

D. The earnings, interest, dividends and realized capital gains and losses from investment of each endowment fund shall be credited to that fund.

E. The governing body of any political subdivision, public trust or public entity, including tribal nations, by the adoption of a resolution of continuing effect, may authorize and request the state treasurer to invest trust monies into a long-term endowment and set forth the terms of the distributions from such endowment for the governing body pursuant to this section.
A.R.S. § 35-404 — Arizona Code / Title 35 / Chapter 3 / Article 1 / Section 404
35-404 Amount of bonds; limitation
Status: in_force

35-404. Amount of bonds; limitation

The total amount of tax anticipation bonds, including both principal and interest, shall not exceed fifty per cent of the ad valorem taxes, plus fifty per cent of the state's portion of excise taxes as estimated by the department of revenue, for the years recited in the bonds, uncollected and not in the state treasury at the time of issuance of the bonds.
A.R.S. § 35-468.04 — Arizona Code / Title 35 / Chapter 3 / Article 3.4 / Section 468.04
35-468.04 Pledge of revenues to secure debt instruments
Status: in_force

35-468.04. Pledge of revenues to secure debt instruments

Notwithstanding any other provision of this article, a political subdivision that receives water transportation revenues may pledge, by separate covenant included in the resolution authorizing the issuance of any bonds under this article or obligations it may incur, future receipts of such revenues to the payment of those bonds or obligations. The resolution authorizing those bonds or obligations may also provide for the assignment of such revenues to a trustee or paying agent for the purpose of securing the bonds. The pledge may be included in the resolution whether or not a reference to the pledge was included in the ballot submitted to the electorate of the political subdivision at the election authorizing the issuance of the bonds or obligations.
A.R.S. § 35-772 — Arizona Code / Title 35 / Chapter 5 / Article 6 / Section 772
35-772 Student loan bonds
Status: in_force

35-772. Student loan bonds

A. In addition to any powers granted under this chapter, a corporation is authorized to issue bonds in order to finance student loans made in a student loan program established pursuant to this article and to issue refunding bonds to refund bonds previously issued under this article as provided in this chapter.

B. A corporation, in furtherance of a student loan program, shall have the power to:

1. Determine the nature of student loan programs for eligible students or their parents for which the corporation will issue bonds.

2. Enter into contracts for any or all student loan program purposes.

3. Enter into contracts for the origination, administration or servicing of student loans.

4. Designate a particular qualified educational institution or institutions, or eligible lender or lenders, as its agent for accomplishing its purposes.

5. Make loans with proceeds of the sale of its bonds to any eligible student, any parent of an eligible student, any educational institution or any eligible lender in accordance with an agreement between the corporation and other parties.  The agreements may provide that the proceeds of any loan made to an educational institution or eligible lender shall be used by the educational institution or eligible lender to purchase, originate or make loans only to or for the benefit of eligible students attending designated qualified educational institutions, or to the parents of those students.

6. Acquire, purchase and make commitments to purchase student loans with proceeds of the sale of its bonds from any educational institution or eligible lender in accordance with an agreement between the corporation and other parties.  The agreement may provide that the student loans be made only to or for the benefit of eligible students attending designated educational institutions, or to the parents of those students.

7. Receive and accept from any public agency or any other source loans, grants, guarantees or insurance with respect to student loans and student loan programs.

8. Establish guidelines governing the actions of qualified educational institutions and eligible lenders participating in the corporation's student loan program.

9. Perform any acts incidental to and that it deems necessary to execute the powers listed in this article.

C. Except as provided in subsection D of this section, a corporation shall not issue bonds to finance student loans pursuant to this article unless the corporation has approved a plan for the student loan program to be financed by the bonds and has submitted the plan for review and approval by the state program representative pursuant to section 35-773. A corporation shall follow the plan as submitted and approved except for insubstantial deviations determined by the corporation's board of directors to be necessary for the successful issuance of the bonds and establishment and operation of the program.  The plan submitted to the state program representative must establish at least the following:

1. The criteria for participation in the program by educational institutions, eligible lenders and eligible students.

2. The general terms of the student loans and the program.

3. Any other information reasonably requested by the state program representative.

D. A corporation may issue bonds without approving a plan or submitting a plan for review and approval to the state program representative if the issuance is for either:

1. Refunding bonds, the proceeds of which are exclusively used to refund bonds previously issued pursuant to this article.

2. Additional bonds issued under the same governing documents and secured on the same basis as bonds described in a plan previously approved by the corporation and reviewed and approved by the state program representative if the additional bonds are rated in the "A" category or better, without regard to modifiers within the "A" category, by a nationally recognized bond rating agency.

E. A corporation shall notify the state program representative in writing at least sixty days before issuing bonds pursuant to subsection D of this section. The written notification must set forth the basis under subsection D of this section for the issuance.

F. A corporation that has approved a plan for issuing student loan bonds and a student loan program to be financed by the bonds under this article is a student loan corporation for the purposes of chapter 7 of this title.
A.R.S. § 35-604 — Arizona Code / Title 35 / Chapter 4 / Article 1 / Section 604
35-604 Resolution authorizing filing of petition and representation of district by attorney
Status: in_force

35-604. Resolution authorizing filing of petition and representation of district by attorney

Before the filing of the petition referred to in section 35-603, the taxing district shall adopt a resolution authorizing the filing thereof and authorizing its duly and regularly elected or appointed attorney, or special counsel appointed for such purpose, to file the petition and to represent the taxing district in the proceedings with respect thereto in the United States district court having jurisdiction thereof.
A.R.S. § 35-1210 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1210
35-1210 Procedure for payment of losses
Status: in_force

35-1210. Procedure for payment of losses

When the administrator determines that an eligible depository securing public deposits in accordance with this section is a defaulting depository, the administrator shall take steps as promptly as practicable to reimburse public depositors of all uninsured public deposits held by the defaulting depository using the following procedures:

1. The administrator shall determine the amount of uninsured public deposits net of any deposit insurance held by the defaulting depository either with the cooperation of the department of insurance and financial institutions or the receiver appointed for the defaulting depository or by any other means available.

2. The administrator shall assess the amount of the uninsured public deposits determined under paragraph 1 of this section against the defaulting depository. The administrator shall promptly take possession of the eligible collateral deposited by the defaulting depository with the depository's qualified escrow agent, to the extent necessary to satisfy the administrator's assessment, and shall liquidate the eligible collateral.

3. On receipt of the liquidated eligible collateral, the administrator shall reimburse the public depositors from the proceeds of the collateral to the extent of the defaulting depository's deposit liability to the depositor, net of any applicable deposit insurance.
A.R.S. § 35-422 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 422
35-422 Denominations and terms of bonds
Status: in_force

35-422. Denominations and terms of bonds

A. The bonds provided for in section 35-421 shall be issued as nearly as practicable in denominations of one thousand dollars, but bonds of a lower denomination not less than one hundred dollars may be issued when necessary. The bonds shall bear interest at a rate fixed by the commissioners, not exceeding nine per cent per annum, payable semiannually at the office of the state treasurer or at some bank or trust company in New York City, New York, at the option of the purchaser of the bonds. The principal shall be payable within twenty-five years after the date of issuance of the bonds, and the state shall reserve the right to redeem at par any bonds in their numerical order at any time after fifteen years from the date thereof. The bonds shall bear the date of their issue, state where and to whom payable, the rate of interest, shall be signed by the loan commissioners with the seal of the state affixed, shall be countersigned by the state treasurer and bear his official seal, and shall be registered by the department of administration in a book kept for that purpose which shall disclose the amount the bonds sold for, or if exchanged, for what exchanged.

B. The faith and credit of the state shall be pledged for the payment of the bonds and the interest accruing thereon.
A.R.S. § 35-142.01 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 142.01
35-142.01 Reimbursement of appropriated funds; receipt and deposit; prohibition; inmate health care services; notice
Status: in_force

35-142.01. Reimbursement of appropriated funds; receipt and deposit; prohibition; inmate health care services; notice

A. Except as provided in subsections B and C of this section, when monies are appropriated to a budget unit for a specific program or purpose that is subject to reimbursement in whole or in part from federal monies or any other source, and that is so noted in the appropriation bill, the budget unit, on receipt of such reimbursement, shall deposit the monies, pursuant to sections 35-146 and 35-147, in the state general fund or the fund from which the appropriation was originally made. If the reimbursement is not noted in the appropriation bill, it may be credited to the account out of which the expenditure was incurred if the director of the budget unit determines that reimbursement within the fiscal year is necessary for operation of the budget unit and was not specifically considered and rejected by the legislature at the time of appropriating monies to the budget unit. The director of the budget unit shall notify the joint legislative budget committee, the governor's office of strategic planning and budgeting and the state comptroller in writing of determinations made pursuant to this section.

B. When monies are appropriated to the Arizona health care cost containment system administration or the department of health services and the specific program or purpose for which the monies are appropriated is subject to reimbursement for reconciliation payments from or penalties against program contractors or health plans, the department or administration, on receipt of such reimbursement, shall deposit the monies, pursuant to sections 35-146 and 35-147, in the state general fund or the fund from which the appropriation was originally made. The Arizona health care cost containment system administration and the department of health services are prohibited from allowing reconciliation payments from or penalties against program contractors or health plans to be credited against future payments to the program contractor or health plan.

C. Notwithstanding section 35-190, the state department of corrections may credit against payments owed in the current fiscal year to the department's health care contractor the amount of state and federal monies paid by the Arizona health care cost containment system administration for health care services on behalf of medicaid-eligible inmates regardless of the dates of service.  On or before July 1 of each year, the director of the state department of corrections shall notify the directors of the joint legislative budget committee and the governor's office of strategic planning and budgeting of the amount of credits against payments for the previous fiscal year.
A.R.S. § 35-504 — Arizona Code / Title 35 / Chapter 3 / Article 6 / Section 504
35-504 Debt oversight commission; membership; compensation; duties
Status: in_force

35-504. Debt oversight commission; membership; compensation; duties

A. In order to provide more accurate and meaningful information to the public regarding bond issues, the debt oversight commission is established in the department of administration.

B. The commission consists of the director of the department of administration, who serves as chairperson, and four private citizens who are knowledgeable in the area of finance or bond financing, one who is appointed by the governor and three who are appointed jointly by the president of the senate and the speaker of the house of representatives.  The terms of appointive members are three years.

C. An appointment to fill a vacancy on the commission resulting from other than expiration of term is for the unexpired portion of the term.

D. The department of administration shall provide secretarial and staff support services to the commission.

E. The private citizen members of the commission are eligible to receive $50 per day for time spent in the performance of their duties.  These monies shall be paid from monies appropriated to the department of administration.

F. The commission shall meet at least annually and, in addition, at the call of the chairperson.  The commission shall meet at such times and places as convenient or necessary to conduct its affairs and shall render its findings, reports and recommendations in writing to the governor and to the legislature.

G. The commission shall:

1. Review the information provided to the department of administration as prescribed in section 35-501.

2. Ascertain the bonded indebtedness of all taxing jurisdictions and the relationship to the appropriate debt limitation.
A.R.S. § 35-1202 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1202
35-1202 Powers of the statewide collateral pool administrator
Status: in_force

35-1202. Powers of the statewide collateral pool administrator

The statewide collateral pool administrator is established in the office of the state treasurer.  On or before July 1, 2014, the administrator shall have the necessary policies and procedures in place to implement this chapter.  The administrator may:

1. Adopt and enforce the policies and procedures necessary to carry out this chapter.  Any policies set forth by the administrator shall be developed, including a comment period, in consultation with financial institutions that serve as eligible depositories and public depositors.

2. Prescribe and enforce policies fixing the terms and conditions under which uninsured public deposits must be secured by collateral under this chapter.

3. Require any eligible depository to provide information concerning its public deposits as requested by the administrator.

4. Determine when a default or insolvency has occurred and take such action as the administrator may deem advisable for the protection, collection, compromise or settlement of any claim arising in case of default or insolvency.
A.R.S. § 35-430 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 430
35-430 Cancellation of redeemed bonds; record of redemption; transmittal of abstract of record; payment of interest
Status: in_force

35-430. Cancellation of redeemed bonds; record of redemption; transmittal of abstract of record; payment of interest

A. When the state treasurer pays or redeems any indebtedness, the treasurer shall endorse, by writing or stamping in ink, on the face of the paper evidencing such indebtedness so paid or redeemed, the words "redeemed and canceled" with the date of cancellation.

B. The state treasurer shall keep a complete record of all bonds redeemed and surrendered and shall transmit to the governor an abstract of the record with the annual report, which shall be submitted by the governor to the legislature.

C. The treasurer shall pay the interest on the bonds, when due, from the interest fund, if sufficient, and if not sufficient, from the state general fund.  If a deficiency exists, the director of the department of administration shall draw a warrant, check or electronic funds transfer voucher on the state treasurer, payable to the order of the state treasurer from the state general fund.
A.R.S. § 35-124 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 124
35-124 Performance pay component; identification
Status: in_force

35-124. Performance pay component; identification

Any performance pay that is authorized by the legislature shall be separately stated on each employee's paycheck receipt as performance pay.
A.R.S. § 35-472 — Arizona Code / Title 35 / Chapter 3 / Article 4 / Section 472
35-472 Form and contents of bonds; payment of principal and interest
Status: in_force

35-472. Form and contents of bonds; payment of principal and interest

A. The refunding bonds shall be negotiable in form, executed in the name of the county, school district, city or town or similar municipal corporation, signed by the chairman of the governing board or body, countersigned by the county or municipal treasurer, sealed with the seal of the county or municipality and attested by the clerk.

B. The principal and interest of the bonds shall be payable at the office of the county or municipal treasurer or at such other place as designated in the bonds and coupons, at the option of the holder.
A.R.S. § 35-467 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467
35-467 Definitions
Status: in_force

35-467. Definitions

In this article, unless the context otherwise requires:

1. "City" means a city or town incorporated under the laws of this state.

2. "Fiscal year" means the period commencing on July 1 of any year and terminating on June 30 of the next succeeding year.

3. "Governing body" means the body constituted by law to be the legislative department of the taxing district.

4. "Municipal corporation" means a sanitary district, electrical district, irrigation district or hospital district or any other similar municipal corporation which is required by law to adopt a budget.

5. "Revenue" means any monies derived other than from grants, ad valorem taxes, sales taxes or transaction privilege taxes or from this state. Revenue does not include monies received by a municipal corporation which are restricted in their use or application by law.

6. "Taxing district" means a city, county, school district or municipal corporation having the power to levy ad valorem taxes.
A.R.S. § 35-703 — Arizona Code / Title 35 / Chapter 5 / Article 1 / Section 703
35-703 Articles of incorporation of industrial development authority
Status: in_force

35-703. Articles of incorporation of industrial development authority

In addition to the requirements of title 10, the articles of incorporation shall set forth:

1. The names and residences of the applicants, together with a recital that each of them is a qualified elector of the municipality or the county or, in the case of a corporation to be formed with the permission of the Arizona finance authority or the Arizona board of regents, a qualified elector of this state.

2. The name of the corporation, which shall be "the industrial development authority of the ____________ of _____________," (the blank spaces to be filled in with the name of the municipality or the county). In the case of a corporation formed with the permission of the Arizona finance authority the name shall be the "Arizona industrial development authority".  In the case of a corporation formed with the permission of the Arizona board of regents the name shall be the "Arizona research park authority".

3. A recital that permission to organize the authority has been granted by resolution duly adopted by the governing body of the municipality or county and the date of the adoption of such resolution.

4. The location of the principal office of the authority, which shall be in the municipality or county. In the case of a corporation formed with the permission of the Arizona board of regents the principal office of the corporation shall be the principal office of the Arizona board of regents.  In the case of a corporation formed with the permission of the Arizona finance authority, the Arizona finance authority is the principal office of the corporation.
A.R.S. § 35-841 — Arizona Code / Title 35 / Chapter 6 / Article 4 / Section 841
35-841 Cooperation with governmental bodies
Status: in_force

35-841. Cooperation with governmental bodies

For the purposes of carrying out the provisions of this chapter, the governing body of a municipality or county may enter into cooperative agreements with governing bodies of any other municipality or county or with the state or any department or agent thereof, or with the United States or with any agency, department or instrumentality thereof.
A.R.S. § 35-181.03 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 181.03
35-181.03 Audit of nonprofit corporations receiving state monies; definition
Status: in_force

35-181.03. Audit of nonprofit corporations receiving state monies; definition

A. All state contracts with nonprofit corporations for assistance shall include requirements concerning financial and compliance audits.

B. Each nonprofit corporation that receives in excess of two hundred fifty thousand dollars in state assistance in any fiscal year shall file for each such fiscal year at the corporation's expense with the grantor agency either audited financial statements prepared in accordance with federal single audit regulations or financial statements prepared in accordance with generally accepted accounting principles and audited by an independent certified public accountant.

C. Each nonprofit corporation receiving two hundred fifty thousand dollars or less in state assistance in any fiscal year shall comply with contract requirements concerning financial and compliance audits contained in contract agreements governing such programs.

D. For the purposes of this section, "nonprofit corporation" means a corporation as defined in section 10-3140.
A.R.S. § 35-466.06 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466.06
35-466.06 Use of proceeds
Status: in_force

35-466.06. Use of proceeds

The proceeds from the sale of the notes shall be paid into the treasury of the issuer and used by the issuer to defray the costs and expenses of the construction or acquisition of the project for which the grant or grants are being made, the legal and financial costs and expenses of issuing and administering the notes and, if desired by the governing body of the issuer, interest to accrue on the notes during their life.
A.R.S. § 35-802 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 802
35-802 Proceedings to incorporate pollution control corporations
Status: in_force

35-802. Proceedings to incorporate pollution control corporations

A. Any three or more natural persons, each of whom is a qualified elector of the municipality or the county, may file with the clerk of the governing body thereof written application for permission to incorporate a pollution control corporation for such municipality or county. The governing body shall approve or reject such application within thirty days after the filing date. If the governing body determines that it is advisable for the corporation to be formed it shall adopt a resolution approving the application and authorizing the persons making application to proceed with incorporation as prescribed by this chapter. No corporation may be formed unless an application first has been approved by the governing body having jurisdiction as provided in this section.

B. The number of corporations to be formed in any municipality or county hereunder shall not exceed the number deemed advisable by the governing body thereof to accomplish the purposes of this title.
A.R.S. § 35-511 — Arizona Code / Title 35 / Chapter 3 / Article 7 / Section 511
35-511 Definitions
Status: in_force

35-511. Definitions

In this article unless the context otherwise requires:

1. "Bond" means any bond, note, warrant, lease, lease purchase agreement or other interest bearing obligation issued pursuant to any provision of law by this state or any political subdivision.

2. "Political subdivision" means city, town, county, school district, community college district, multi-county water conservation district, agriculture improvement district, industrial development authority, pollution control corporation, special taxing district in title 48 and any other agency, instrumentality, municipal corporation or other entity created by a law of this state which has the power to issue bonds.

3. "Rebate" means the payment of monies to the federal government pursuant to any law enacted by the Congress of the United States in consideration of retaining any exemption from federal income taxes for the interest income on an issuer's bonds.

4. "Treasurer" means the treasurer, finance director or other person acting in the capacity of the treasurer of this state or any political subdivision.
A.R.S. § 35-1205 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1205
35-1205 Authority to make public deposits
Status: in_force

35-1205. Authority to make public deposits

A. All public depositors may make public deposits under the depositor's control in eligible depositories. The eligible depository shall secure any uninsured public deposits pursuant to this chapter or in accordance with the procedures prescribed in section 35-323.01.

B. Local officials handling public deposits in this state may not require from an eligible depository any pledge of collateral for the deposits in excess of the requirements of this chapter.
A.R.S. § 35-190.01 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 190.01
35-190.01 Deferral of obligation; future fiscal year; prohibition; exceptions
Status: in_force

35-190.01. Deferral of obligation; future fiscal year; prohibition; exceptions

A. Except as provided in section 35-190 and subsection B of this section, an obligation of this state that is required by law to be paid with state general fund monies in one fiscal year may not be deferred in whole or in part for payment in another fiscal year.

B. This section does not apply to funding deferrals for basic state aid and additional state aid entitlement that otherwise would be apportioned to school districts pursuant to section 15-973.
A.R.S. § 35-321 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 321
35-321 Definitions
Status: in_force

35-321. Definitions

In this article, unless the context otherwise requires:

1. "Agency pool participant" means a subdivision or an entity of a subdivision that has monies maintained by the treasurer and that has the authority to draw negotiable instruments on the treasurer or make other disbursements from monies that the treasurer holds for the subdivision or entity.

2. "Board of deposit" means, in the case of a county, the board of supervisors, and in the case of a city or town, the common council.

3. "Capital structure" means the amount of the capital of the eligible depository shown by the latest call statement of condition as defined by rule of the department of insurance and financial institutions for the purpose of administration of this article.

4. "Collecting entity" means the entity from which the treasurer receives general funding including the county for collections performed by a county treasurer, the city for collections performed by a city treasurer or the district for collections performed by a district treasurer.

5. "Eligible depository" means any:

(a) Commercial or savings bank or savings and loan association that has either a branch in this state or its principal place of business in this state and that is insured by the federal deposit insurance corporation or its successor or any other insuring instrumentality of the United States according to the applicable federal law.

(b) Credit union that is insured by the national credit union administration or its successor.

6. "Involuntary pool participant" means a subdivision that only receives the principal ratio of the monies collected, for which the principal monies are mandated to be distributed on a specific date and for which the interest earned on the monies between the time of collection and other statutory requirements reverts to the general fund of the collecting entity.

7. "Permissible rate of interest" means a rate of interest that an eligible financial institution is permitted to pay by state or federal law or valid state rules or federal regulations.

8. "Public deposit" means public monies deposited in an eligible depository pursuant to this article.

9. "Public monies" includes subdivision monies.

10. "State monies" means all monies in the treasury of this state or coming lawfully into the possession or custody of the state treasurer.

11. "Subdivision" means any county, noncharter city or town.  Cities governed by charter have the option of operating under this article.

12. "Subdivision monies" means all monies in the treasury of a subdivision or coming lawfully into the possession or custody of the treasurer.

13. "Treasurer" includes the treasurer or officer exercising the functions of treasurer of any subdivision but excludes the state treasurer.

14. "Trust funds" means those monies entrusted to a public body or official for preservation and investment, as prescribed by the instrument establishing such funds.
A.R.S. § 35-454 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 454
35-454 Informational pamphlet for bond election; review; ballot; election; return; canvass of votes; certificate of election
Status: in_force

35-454. Informational pamphlet for bond election; review; ballot; election; return; canvass of votes; certificate of election

A. The governing body or board of the political subdivision shall:

1. At least thirty-five days before the bond election, mail a copy of an informational pamphlet to every household within the political subdivision that contains a registered voter. The pamphlet shall contain information on the:

(a) Amount of the bond authorization.

(b) Maximum interest rate of the bonds.

(c) Estimated debt retirement schedule for the current amount of bonds outstanding, showing both principal and interest payments, the current net assessed valuation as reported by the department of revenue and the current adopted and estimated tax rates.  For the purposes of this paragraph, "net assessed valuation" may include the values used to determine voluntary contributions collected pursuant to title 9, chapter 4, article 3 and title 48, chapter 1, article 8.

(d) Estimated debt retirement schedule for the proposed bond authorization, showing both the estimated principal and interest payments and the estimated average annual tax rate for the proposed bond authorization. In preparing this information and the information prescribed by subdivision (c) of this paragraph, the projected total annual increase in net assessed valuation for any future year shall not exceed:

(i) For the first five years of the estimated debt retirement schedule, the average of the annual percentage growth for the previous ten years in the net assessed valuation of the political subdivision.

(ii) For the remaining years of the estimated debt retirement schedule, twenty percent of the average of the annual percentage growth for the previous ten years in the net assessed valuation of the political subdivision.

(e) Source of repayment.

(f) Estimated issuance costs.

(g) Estimated tax impact of debt service for the bonds on an owner-occupied residence classified as class three pursuant to section 42-12003, on commercial property classified as class one pursuant to section 42-12001, paragraph 12 and on agricultural or other vacant property classified as class two pursuant to section 42-12002, assuming the net assessed valuation of the property increases annually at the lesser of five percent or fifty percent of the projected total annual increase in net assessed valuation as determined pursuant to subdivision (d) of this paragraph over the term of the bonds using the same average annual tax rate as under subdivision (d) of this paragraph, as follows:

The tax impact over the term of the bonds on an owner-occupied residence valued by the county assessor at $250,000 is estimated to be $___ per year for __ years, or $___ total cost.

The tax impact over the term of the bonds on commercial property valued by the county assessor at $1,000,000 is estimated to be $____ per year for __ years, or $______ total cost.

The tax impact over the term of the bonds on agricultural or other vacant property valued by the county assessor at $100,000 is estimated to be $____ per year for ___ years, or $______ total cost.

(h) In bold-faced type, estimated total cost of the proposed bond authorization, including principal and interest.

(i) Current outstanding general obligation debt and constitutional debt limitation.

(j) Projects and expenditures for which the bonds are to be issued. The purpose statement shall only present factual information in a neutral manner. Advocacy for the expenditures is strictly limited to the arguments submitted pursuant to subdivision (n) of this paragraph.

(k) Purpose for which the bonds are to be issued and, if applicable, in bold-faced type, that the amount of the proposed bond authorization combined with the current outstanding debt exceeds the political subdivision's constitutional debt limit.

(l) Polling location for the addressee.

(m) Hours during the day when the polls will be open.

(n) Arguments for and against the authorization of one or more of the bond propositions. Each argument filed shall contain the sworn statement of the person submitting it. If the argument is submitted by an organization, it shall contain the sworn statement of two executive officers of the organization.  If the argument is submitted by a political committee, it shall contain the sworn statement of the committee's chairperson or treasurer.  If the argument is submitted by an individual and not on behalf of an organization, a political committee or any other group, the person shall submit the argument with a sworn, notarized statement.  The names of persons and entities submitting written arguments shall be included in the informational pamphlet. Persons signing the argument shall identify themselves by giving their residence address and telephone number, which may not appear in the informational pamphlet, except that the person's city or town and state of residence shall appear in the pamphlet. Any argument that is submitted and that does not comply with this subdivision may not be included in the pamphlet.

2. Set a deadline to submit arguments for and against the authorization of one or more of the bond propositions at a public meeting and publish the deadline in a newspaper of general circulation in the jurisdiction of the political subdivision.

B. The failure of any one or more electors to receive the informational pamphlet shall not be grounds to invalidate the election. The election shall conform with the general election laws of this state. The return of the election held in a county shall be made to the board of supervisors and, in any other case, to the governing body or board of the municipal corporation or district within twelve days after the election.

C. For any proposed general obligation bond authorization for which the principal and interest will be paid by a levy of property taxes, the ballot shall contain the phrase "the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on bonds". Any written information provided by the political subdivision pertaining to the bond election shall include financial information showing the estimated average tax rate for the proposed bond authorization. If the bonds are to be repaid with secondary property taxes, the ballot shall contain the words "bond approval, yes" and "bond approval, no", and the voter shall signify the voter's desired choice. The ballot shall also contain the following statement:

A "yes" vote shall authorize the ______ governing body to issue and sell $______ of ______ bonds of the district to be repaid with secondary property taxes.

A "no" vote shall not authorize the ______ governing body to issue and sell such bonds of the district.

D. If the governing body intends to use revenues other than property taxes to pay the debt on proposed general obligation bonds, the ballot shall contain the phrase "the issuance of these bonds will result in a property tax increase sufficient to pay the annual debt service on bonds, unless the governing body provides for payment from other sources".

E. The board of supervisors, governing body or governing board shall hold a special meeting within twenty days after the election to canvass the votes cast and certify the result.  The certificate of the result shall be prima facie evidence of full performance of all conditions and requirements precedent to holding the election.

F. The governing board or body shall file and record in the office of the county recorder a certificate disclosing the purpose of the election, the total number of votes cast and the total number of votes for and against creating the indebtedness, and stating whether or not the indebtedness is ordered. On filing and recording the certificate, the governing board or body shall carry out the purpose of the election.

G. Variations between the estimates required by subsection A of this section and the actual debt retirement schedules, issuance costs, annual and total costs and tax rates shall not invalidate either the election or the bonds.
A.R.S. § 35-465.01 — Arizona Code / Title 35 / Chapter 3 / Article 3.1 / Section 465.01
35-465.01 Tax anticipation notes
Status: in_force

35-465.01. Tax anticipation notes

After a taxing district has adopted a budget for the current fiscal year as provided by law and the governing body thereof ascertains that the taxes to be received by such district will not be received in time to pay the district's projected expenses, as set forth in such budget, the governing body may issue and sell tax anticipation notes, the principal and interest on which are to be paid solely from the taxes estimated by such taxing district to be received for the current fiscal year and from the proceeds of the sale of such notes.
A.R.S. § 35-905 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 905
35-905 Restrictions on confirmations; definition
Status: in_force

35-905. Restrictions on confirmations; definition

A. Before August 31, a confirmation shall not be allocated to a project in an amount greater than $35,000,000, except that this subsection does not apply to any project that is eligible to receive an allocation pursuant to section 35-902, subsection B, C or D. For the purposes of this section, the amount of allocation to a project shall also include any other state ceiling allocation received by any related person to the project.

B. For the purposes of this section, "related person" has the same meaning as provided in section 147(a)(2) of the code, except that all references to fifty percent shall be changed to twenty-five percent.
A.R.S. § 35-426 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 426
35-426 Application of proceeds to redemption of indebtedness; notice to redeem
Status: in_force

35-426. Application of proceeds to redemption of indebtedness; notice to redeem

A. The state treasurer shall apply monies received to redeem the indebtedness of the bonds issued and shall give notice in the same manner as for paying and redeeming state warrants, checks and substitute checks, and electronic funds transfer vouchers. After the state treasurer redeems such indebtedness, interest on all such indebtedness due and outstanding shall cease.

B. Before such indebtedness is paid, the director of the department of administration shall endorse on each certificate the amount due thereon, and write across the face of each the date of its surrender and the name of the person surrendering, and shall keep a record thereof.
A.R.S. § 35-466.05 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466.05
35-466.05 Investment of note proceeds; period of investment covenants
Status: in_force

35-466.05. Investment of note proceeds; period of investment covenants

A. Note proceeds may be invested in any of the following securities:

1. Bonds or other evidences of indebtedness of the United States of America or any of its agencies or instrumentalities when such obligations are guaranteed as to principal and interest by the United States of America or by any agency or instrumentality of the United States.

2. Bonds or other evidences of indebtedness of this state or any of the counties, incorporated cities or towns or duly organized school districts of this state.

3. Interest-bearing savings accounts or certificates of deposit of banks or savings and loan associations doing business in this state if such banks or savings and loan associations are insured by the federal deposit insurance corporation or the federal savings and loan insurance corporation. Amounts in excess of that covered by federal insurance shall be secured by the depository to the same extent and in the same manner as required by the general depository law of this state.

4. Deposits placed in accordance with the procedures prescribed in section 35-323.01.

B. A resolution pertaining to the issuance of notes may contain covenants prescribing the period that proceeds may be invested and the maximum yield on such investments during any period mentioned in the covenant and any other covenants deemed necessary or desirable by the governing body.
A.R.S. § 35-722 — Arizona Code / Title 35 / Chapter 5 / Article 2 / Section 722
35-722 Approval by elected official if required by federal law
Status: in_force

35-722. Approval by elected official if required by federal law

The governor or the attorney general, or the state treasurer if designated by the governor, may approve the issuance of any bonds issued by a corporation formed with the permission of the Arizona finance authority or the Arizona board of regents for purposes of complying with federal laws requiring approval by an applicable elected representative.
A.R.S. § 35-196.01 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 196.01
35-196.01 Expenditure of state monies for certain purposes; report
Status: in_force

35-196.01. Expenditure of state monies for certain purposes; report

A. Subject to the approval of the director of the department of administration, a budget unit may spend any monies for either of the following:

1. Transportation or other travel expenses necessary for bringing any person into this state who is not a resident of this state for an interview for prospective employment.

2. Transportation or moving expenses for any person newly employed or retained.

B. A budget unit may spend monies to reimburse current employees for reasonable relocation expenses related to management initiated geographical reassignments of more than fifty miles from an employee's current work site pursuant to rules adopted by the director of the department of administration.

C. On or before September 1 of each year, a budget unit shall report to the governor's office of strategic planning and budgeting and the joint legislative budget committee regarding any monies spent for the prior fiscal year for the purposes prescribed in this section.
A.R.S. § 35-149.01 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 149.01
35-149.01 Private monies; state officers; employees; prohibition; exceptions; definitions
Status: in_force

35-149.01. Private monies; state officers; employees; prohibition; exceptions; definitions

A. An agency may not allow any person to serve in any capacity as a state officer or employee if that person's salary, wages or other compensation for performing official state duties is paid in whole or in part by private monies.

B. This section does not apply to the department of public safety, the department of environmental quality or any public university under the jurisdiction of the Arizona board of regents.

C. For the purposes of this section:

1. "Agency" has the same meaning prescribed in section 41-1001.

2. "Private monies" means monies from a source other than this state, a political subdivision of this state or the federal government, including monies from a nonprofit organization, charitable foundation, university, private donor, or advocacy group.
A.R.S. § 35-913 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 913
35-913 Special allocations for mortgage revenue bonds and mortgage credit certificates; definitions
Status: reserved

35-913. Special allocations for mortgage revenue bonds and mortgage credit certificates; definitions

A. This section governs allocations of the state ceiling made by the director pursuant to section 35-902, subsection C.

B. If the portion of a corporation's allocation computed pursuant to subsection C of this section is less than ten million dollars, the director shall first award ten million dollars of the state allocation to that corporation. Thereafter, the director shall award the remaining state allocation in the same proportion that the population of each of the remaining corporations' jurisdictions bears to the population of this state according to the census, minus the population of the corporations receiving a ten million dollar allocation pursuant to this subsection.

C. Each corporation that is described in section 35-706, subsection E and that submits a request for allocation pursuant to section 35-902, subsection C shall receive a portion of the allocation made by the director in the same proportion that the population of that corporation's jurisdiction bears to the population of this state, according to the census but in no event less than ten million dollars.

D. At any time before submitting a formal request for allocation, but no later than January 31, a corporation described in section 35-706, subsection E may submit to the director an allocation reservation for an amount not to exceed that portion of the allocation to which the corporation is entitled pursuant to this subsection. The allocation reservation may include an offer to use additional allocation amounts described in subsection E of this section for rural areas. On or before January 31, the Arizona industrial development authority may submit to the director an allocation reservation for the amounts described in subsection E of this section for rural areas. The allocation reservation does not constitute a formal request for allocation and does not obligate the Arizona industrial development authority or a corporation to submit a request for allocation.

E. The director shall require that one or more qualified mortgage revenue bond or qualified mortgage credit certificate programs benefit the residents of rural areas. Between February 1 and March 1, an allocation of the unreserved portion of the state ceiling under section 35-902, subsection C shall be made by the director for this purpose. The recipient of this allocation shall be the Arizona industrial development authority, or the Arizona industrial development authority and one or more corporations, or one or more corporations that have executed a cooperative agreement and that have jointly submitted an allocation reservation pursuant to subsection C of this section.  The director shall determine the recipient of the allocation described in this subsection by March 1 from the Arizona industrial development authority or one or more of those corporations that have offered to use the allocation described in this subsection in an allocation reservation submitted before February 1. If neither the Arizona industrial development authority nor any corporation offers an allocation reservation to use this allocation before February 1 the director shall select the Arizona industrial development authority or a corporation for that purpose.

F. If the director selects the Arizona industrial development authority, or the Arizona industrial development authority and one or more corporations or one or more corporations to serve rural areas, the Arizona industrial development authority, the Arizona industrial development authority and one or more corporations or the corporation or corporations shall receive confirmation of the allocation described in subsection E of this section before March 1.  Mortgage credit certificates or the proceeds of qualified mortgage revenue bonds made available through the portion of the state ceiling allocated pursuant to subsection E of this section shall be reserved for at least a one hundred eighty-day period exclusively for the financing of single family dwelling units in rural areas. The director may extend the one hundred eighty-day period at the time of allocation or a later time based on market conditions. The director at any time may modify any extension based on market conditions at the time.  After the one hundred eighty-day period or any extension, whichever is later, the director may allocate any reservation that has not been used for use within the jurisdiction of any corporation that is described in section 35-706, subsection E and that gives its consent.

G. The validity of a confirmation for qualified mortgage revenue bonds or a qualified mortgage credit certificate program to benefit residents of part of the state shall not be affected by reason of qualified mortgage revenue bonds or a qualified mortgage credit certificate program receiving a confirmation to benefit residents of another part of the state not being issued.

H. Except as provided in subsections F and G of this section, a corporation shall not exercise the powers granted under section 35-706, subsection A, paragraphs 11, 12 and 13 outside of its own jurisdiction.

I. At the time a confirmation is issued the director shall determine in writing the allocation amounts in the manner described in this section. In determining the recipient or recipients for the allocation described in subsection E of this section, the director may consider the effectiveness of alternative program structures in rural areas. No action may be brought questioning the accuracy of any determination made by the director pursuant to this section without a finding of the director's bad faith or wilful misconduct.

J. Confirmations of the state ceiling under section 35-902, subsection C may be applied toward a qualified mortgage revenue bond program or qualified mortgage credit certificate program in any combination deemed appropriate by the issuing corporation with the approval of its governing body or by the board of the Arizona industrial development authority for a program for rural areas established by the Arizona industrial development authority.

K. Denial of approval of the use of qualified mortgage revenue bond proceeds or qualified mortgage credit certificates in a city or town pursuant to section 35-706 or subsection L of this section does not affect the validity of the allocation or affect the amount of state allocation that is allocated for that purpose.

L. The Arizona industrial development authority may not permit proceeds of bonds or a qualified mortgage credit certificate program in rural areas to be used to finance projects that are owner-occupied single family dwelling units within the corporate limits of an incorporated city or town, the unincorporated area of a county or a reservation for an Indian tribe, unless the governing body of the city, town, county or tribe has approved the general location and character of the residences to be financed. Before the issuance of bonds or mortgage credit certificates for that purpose, the authority shall give written notice to the governing body of each city, town, county or tribal reservation in which it intends to permit proceeds of an issue of bonds or mortgage credit certificates to be used to finance projects that are owner-occupied single family dwelling units and of the general location and character of the residences that may be financed.  The governing body of the city, town, county or tribe is deemed to have given its approval unless it denies approval by formal action of the governing body within twenty-one days after receiving the written notice from the authority.  Approvals given or deemed to have been given with respect to use of proceeds of an issue of bonds or mortgage credit certificates under this subsection may not be withdrawn.  Denials may be withdrawn by the governing body of a city, town, county or tribe and approval may be given after a denial is withdrawn if the authority approves the withdrawal of the denial.

M. For the purposes of this section:

1. "Census" means the most recent United States decennial census or the special census conducted in accordance with section 42-5033 if it is more recent than the most recent United States decennial census.

2. "Population" of a corporation's jurisdiction means population according to the census.  The population of a corporation formed on behalf of a county equals the population of the county minus the population of any other corporation that is within the county, that is described in section 35-706, subsection E and that submits a request for allocation pursuant to section 35-902, subsection C.

3. "Rural areas" means all of the area of this state that is not located within the jurisdiction of a corporation described in section 35-706, subsection E.
A.R.S. § 35-803 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 803
35-803 Articles of incorporation of pollution control corporations
Status: in_force

35-803. Articles of incorporation of pollution control corporations

In addition to the requirements of title 10, the articles of incorporation shall set forth:

1. The names and residences of the applicants and a statement that each is an elector of the municipality or county.

2. The name of the corporation, which shall include the words "pollution control corporation" and the name of the authorizing county or municipality.

3. A statement that approval for incorporation has been granted by the governing body of the municipality or county and the date of approval.

4. The location of the principal office of the corporation, which shall be in the municipality or county.
A.R.S. § 35-724 — Arizona Code / Title 35 / Chapter 5 / Article 2 / Section 724
35-724 Security for bonds
Status: in_force

35-724. Security for bonds

The principal of and interest on any bonds issued by the corporation shall be secured by a pledge of the revenues, proceeds and receipts or any portion thereof out of which the principal and interest are made payable, and may be secured by a mortgage covering all or any part of the projects and properties from which the revenues, proceeds or receipts so pledged may be derived, including any enlargements of and additions to any such projects and properties thereafter made. The resolution under which the bonds are authorized to be issued and any such mortgage may contain any agreements and provisions respecting the maintenance of the projects and properties covered thereby, the fixing and collection of rents for any portions thereof leased by the corporation to others, the fixing and collection of proceeds from the sale of any projects and properties by the corporation to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the board of directors shall deem advisable and not in conflict with the provisions of this article. Each pledge, lease, agreement and mortgage made by the corporation for the benefit or security of any of the bonds of the corporation shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made have been fully paid. In the event of default in such payment or in any agreements of the corporation made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage executed as security therefor, may be enforced by mandamus, the appointment of a receiver, or by foreclosure of any such mortgage, or any one or more of such remedies.
A.R.S. § 35-190 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 190
35-190 Incurring obligations after close of fiscal year; lapsing appropriations; exceptions
Status: in_force

35-190. Incurring obligations after close of fiscal year; lapsing appropriations; exceptions

A. Except as provided in section 35-191, an officer or other agency of the state, after the close of any fiscal year, shall not incur or order or approve incurring any obligation or expenditure under any appropriation made by the legislature for that fiscal year. An expenditure shall not be made from or be charged to any appropriation made by the legislature for any fiscal year that has expired at the time the obligation for such an expenditure was incurred.

B. The department of administration may draw warrants, checks or electronic funds transfer vouchers against the available balances of appropriations made for a fiscal year for a period of one month after the close of that fiscal year:

1. To pay obligations incurred during the fiscal year for which such appropriations were made.

2. To fulfill contracts properly made during the year as determined by the director of the department of administration.

C. One month after the beginning of each fiscal year, all balances of appropriations for the prior fiscal year lapse and further payments shall not be made on any claim due to expenditures for the prior fiscal year.

D. Appropriations for construction or other permanent improvements do not lapse until the purpose for which the appropriation was made has been accomplished or abandoned, unless the appropriation is available during the entire fiscal year without an expenditure from or encumbrance on the appropriation.

E. This section does not require reversion to the state general fund of any balance derived wholly or partly from federal grants, earnings or other sources, and remaining in any special revenue, endowment, interest, redemption or suspense agency fund at the close of the fiscal year unless expressly provided by law, or require reversion to the state general fund of any balance of fiscal year appropriations made for state institutions under the control of the Arizona board of regents.
A.R.S. § 35-429 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 429
35-429 Issuance of state bonds for county, municipal or school district indebtedness
Status: in_force

35-429. Issuance of state bonds for county, municipal or school district indebtedness

A. The board of supervisors of each county and the proper municipal or school authority shall report to the state loan commissioners the bonded and outstanding indebtedness of the county, municipality or school district, and, upon demand of such authorities, the loan commissioners shall provide for redeeming or refunding such indebtedness in the same manner as other state indebtedness and shall issue bonds of the state for any indebtedness authorized by law to be incurred by such county, municipality or school district.

B. The bonds shall be issued upon the faith and credit of the state only to the extent that it will cause to be levied and collected taxes for the payment of the principal and interest of such bonds, and pay the principal and interest when such bonds have been issued.

C. The county, municipality or school district shall pay into the state treasury, in addition to all other taxes authorized by law, amounts as directed by the director of the department of administration, to be levied for the payment of the principal and interest of such bonds issued for such county, municipality or school district, in the same manner provided for the payment of the principal and interest of state indebtedness.
A.R.S. § 35-302 — Arizona Code / Title 35 / Chapter 2 / Article 1 / Section 302
35-302 Public money defined
Status: in_force

35-302. Public money defined

The phrase "public money" as used in this article includes bonds and evidence of indebtedness, and money belonging to, received or held by, state, county, district, city or town officers in their official capacity.
A.R.S. § 35-1208 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1208
35-1208 Qualified escrow agent; substitutions
Status: in_force

35-1208. Qualified escrow agent; substitutions

A. Eligible collateral shall be held as provided in this article or by policy of the administrator.  Eligible collateral shall be held in the custody of any bank, including a federal reserve bank, or any depository trust company.

B. Each eligible depository shall provide in a written deposit or pledge agreement between the eligible depository and the custodian of the collateral, or in such other manner as prescribed by the administrator by policy, that:

1. In the event of default or insolvency of the eligible depository for which the collateral is held, the custodian shall surrender the collateral to the administrator.

2. The custodian shall reasonably make available to the administrator any books, records and papers pertaining thereto for any examination or other reason necessary for the administration of this article.

C. An eligible depository at any time may make substitutions of eligible collateral maintained or pledged for the purposes of this article and shall at all times be entitled to collect and retain all income derived from the collateral without restriction.  The authorization to make substitutions of eligible collateral pursuant to this subsection may be suspended or revoked by the administrator if the eligible depository has become the subject of increased regulatory oversight as a result of the eligible depository's failure to maintain capital standards required by the depository's primary regulator.
A.R.S. § 35-606 — Arizona Code / Title 35 / Chapter 4 / Article 1 / Section 606
35-606 Resolution of district assenting to plan as prerequisite of final decree of court becoming effective
Status: in_force

35-606. Resolution of district assenting to plan as prerequisite of final decree of court becoming effective

No final decree or order of the United States district court confirming a plan of readjustment shall be effective for the purpose of binding the taxing district unless and until the taxing district files with the court a certified copy of a resolution of such taxing district, adopted by it or by the officials referred to in section 35-602, consenting to the plan of readjustment set forth or referred to in such final decree or order.
A.R.S. § 35-601 — Arizona Code / Title 35 / Chapter 4 / Article 1 / Section 601
35-601 Definitions
Status: in_force

35-601. Definitions

For the purposes of this article:

1. "Federal bankruptcy statute" means the act of Congress entitled, "An act to establish a uniform system of bankruptcy throughout the United States," approved July 1, 1898, as amended or supplemented.

2. "Taxing district" means a "taxing district" as defined in the federal bankruptcy statute.
A.R.S. § 35-116 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 116
35-116 Supervisory powers of governor relating to budget report; exceptions
Status: in_force

35-116. Supervisory powers of governor relating to budget report; exceptions

A. Prior to submission of the budget report to the legislature, the governor shall examine the statements and estimates and shall make or cause to be made further investigations, with hearings before the governor, or the governor's designee, and shall make changes or revisions in appropriations requested that the governor deems advisable.

B. The legislature shall not be subject to the control of the governor in the preparation and submission of budgets, but shall submit its requests for appropriations for the two ensuing fiscal years to the governor for review by the legislature.

C. The judiciary shall not be subject to the control of the governor in the preparation and submission of budgets, but shall submit its requests for appropriations for the ensuing fiscal year to the governor for review by the legislature.

D. The appropriation requests of the Arizona board of regents and the department of transportation for the ensuing fiscal year may be revised by the governor, but the governor shall also submit the appropriation request prepared and submitted by the budget unit in its original form to the legislature for review.
A.R.S. § 35-726 — Arizona Code / Title 35 / Chapter 5 / Article 2 / Section 726
35-726 Approval of general plan before issuing bonds; fee; definition
Status: in_force

35-726. Approval of general plan before issuing bonds; fee; definition

A. Bonds shall not be issued by a corporation for the purpose of financing single family dwelling units pursuant to section 35-706, subsection A, paragraph 11 or 12 without approval of a general plan by its governing body. The corporation shall submit a general plan for each respective series of bonds to its governing body. The general plan shall briefly describe:

1. The amount of the proposed bonds.

2. The maximum term of the bonds.

3. The maximum interest rate on the bonds.

4. The need for the bond issue.

5. The terms and conditions for originating or purchasing mortgage loans or making loans to lenders.

6. The area in which the single family dwelling units to be financed may be located.

7. The proposed fees, charges and expenditures to be paid for originators, servicers, trustees, custodians, mortgage administrators and others.

8. All insurance requirements with respect to mortgage loans, mortgaged property, mortgagors, originators, servicers and trustees.

9. The anticipated date of issuance of the bonds.

B. The governing body shall review general plans submitted by corporations pursuant to subsection A of this section. In reviewing the plans the governing body shall consider:

1. Whether the amount of the mortgage monies proposed to be made available is reasonably related to the demand for the mortgage monies.

2. Whether the terms of the general plan are justifiable in the context of the transaction and in the context of similar transactions.

3. Whether the fees, costs and expenditures as set forth in the general plan are reasonably related to the services provided.

4. For projects of owner-occupied single family dwelling units to be occupied by persons of low and moderate income and financed pursuant to section 35-706, subsection A, paragraphs 11 and 12, whether the proposed mortgage monies to be made available will fulfill a public purpose by providing housing for persons of low and moderate income or by encouraging single family developments in all participating jurisdictions, including such jurisdictions' slum or blighted areas as defined in section 36-1471.

C. The governing body shall approve or disapprove the general plan not later than thirty days after receipt of the plan. If the governing body does not act on the general plan within thirty days after the date of receipt, the general plan shall be deemed approved. If a general plan is approved, the corporation may issue the series of bonds covered by the general plan with a total principal amount, maximum term and maximum interest rate no greater than that which is set forth in the general plan. The origination and servicing fees pertaining to mortgage loans to be financed in accordance with the general plan shall not exceed those proposed in the general plan. The corporation may vary other items in the general plan on a finding that the variation is minor and that the variations will not impair the security for the bonds or substantially increase the cost of financing the single family dwelling units and the findings of the corporation shall be conclusive.

D. The governing body may charge any corporation submitting a general plan for review a fee of not to exceed ten thousand dollars together with reimbursement of its actual costs and expenses incurred in reviewing the general plan.

E. Except for a corporation approved by the Arizona finance authority or a governing body of a county or a municipality having a population of more than seven percent of the total state population, a corporation shall not issue bonds, other than refunding bonds the proceeds of which are used exclusively to refund a prior bond issue, to finance a multifamily residential rental project, sanitarium, clinic, medical hotel, rest home, nursing home, skilled nursing facility or life care facility as prescribed in section 20-1801, unless the department approves the project. The department, with or without a hearing, shall review the project and consider at least the following factors:

1. The demand for and feasibility of the project in the area set forth in the application to the corporation.

2. The terms and conditions of the proposed bonds.

3. The proposed use of bond proceeds.

4. The benefit to the public if the project provides rental housing for persons of low and moderate income or encourages rental housing in slum or blighted areas as defined in section 36-1471.

5. If the project consists of a nursing home, or a life care facility as prescribed in section 20-1801, the benefit to the public of the project, including the proposed rent, fees and other charges of the project in relation to the level of services to be offered.

F. Subsection E of this section does not apply to bonds issued to finance:

1. A sanitarium, clinic, medical hotel, rest home, nursing home, skilled nursing facility, or life care facility as prescribed in section 20-1801, if the facility is to be owned and operated by this state or a political subdivision or agency of this state.

2. A nursing home, rest home, skilled nursing facility, life care facility or senior residential facility providing on-site medical and support services if the facility is owned and operated by a nonprofit organization that is exempt from taxation under section 501(c)(3) of the United States internal revenue code.

G. Except for a corporation that is exempt under subsection E of this section, the department with or without a hearing shall approve or disapprove the project not later than thirty days after receipt of the request for approval. If the project is approved the corporation may issue the bonds described in the approval request with the total principal amount, maximum term and maximum interest rate no greater than as set forth in the request. The department shall charge each applicant submitting a project approval request pursuant to this subsection a fee of not to exceed five thousand dollars together with reimbursement of its actual costs and expenses incurred in reviewing the project. The department shall remit the fees to the state treasurer for deposit in the Arizona department of housing program fund established by section 41-3957.

H. For the purposes of this section, "department" means the Arizona department of housing.
A.R.S. § 35-424 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 424
35-424 Sale of bonds; notice, publication and bids
Status: in_force

35-424. Sale of bonds; notice, publication and bids

A. When the loan commissioners are authorized to issue bonds, or decide to refund or redeem all or any of the existing indebtedness of the state, they shall direct the state treasurer to advertise the sale of the bonds to be issued for that purpose by causing a notice of such sale to be published once a week for one month in three newspapers published in the state, no two of which shall be published in the same county, and, in their discretion, in a publication in New York City, New York, and in San Francisco, California. Such notice shall state the amount of bonds to be sold, the place, day and hour of sale, and that bids will be received by the treasurer for the purchase of the bonds within one month from expiration of such publication.

B. At the place and time named in the notice the loan commissioners shall open the bids received by the treasurer and shall award the purchase of the bonds, or any part thereof, to the best bidder.

C. The loan commissioners may reject any and all bids, and may refuse to make an award unless sufficient security is furnished by the bidder insuring compliance with his bid.
A.R.S. § 35-146 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 146
35-146 Deposit of receipts by budget units
Status: in_force

35-146. Deposit of receipts by budget units

A. All monies received by any officer or employee of any budget unit shall be promptly remitted to the state treasurer, and monies shall not be held, used or deposited in any personal or special bank account temporarily or otherwise by any agent or employee except as expressly provided by this chapter.

B. All monies received by the state treasurer shall be credited to the state general fund, unless otherwise prescribed by law.

C. All revenues included in the operating budget adopted by the Arizona board of regents for each university as prescribed in section 15-1626, subsection A shall be retained by each university. Tuition and fees shall be deposited in subaccounts as prescribed in section 15-1626, subsection A.
A.R.S. § 35-185.01 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 185.01
35-185.01 Treasurer's warrant notes; form; redemption; exception
Status: in_force

35-185.01. Treasurer's warrant notes; form; redemption; exception

A. If monies are not available to pay warrants, checks or substitute checks, or electronic funds transfer vouchers of the department of administration presented to the state treasurer pursuant to section 35-185, the treasurer, in lieu of payment, shall issue and shall exchange or sell a treasurer's warrant note or notes in the amount or amounts equal to the sum of the face value of the warrants, checks or substitute checks, or electronic funds transfer vouchers presented for payment.  Treasurer's warrant notes shall be issued in lieu of payment of state general fund warrants, checks or substitute checks, or electronic funds transfer vouchers only or in exchange for previously issued treasurer's warrant notes. Before issuing warrant notes, the state treasurer is not required to divest from program funding obligations issued pursuant to section 41-5857, board funding obligations issued pursuant to section 28-7678, monies in the budget stabilization fund or operating monies invested in securities that are earning a rate of interest greater than the cost of issuing warrant notes. For the purposes of this subsection, "monies are not available" means an operating cash balance is not available to pay warrants, checks or substitute checks, or electronic funds transfer vouchers except for those operating monies invested in program funding obligations issued pursuant to section 41-5857, board funding obligations issued pursuant to section 28-7678, monies in the budget stabilization fund or operating monies invested in securities that are earning a rate of interest greater than the total cost of issuing any warrant notes.

B. The face value of a treasurer's warrant note may be equal to the sum of any combination of warrants, checks or substitute checks, and electronic funds transfer vouchers presented for payment. The treasurer may sell warrant notes at public or private sale and shall use the proceeds of the sale to pay warrants, checks or substitute checks, and electronic funds transfer vouchers previously presented pursuant to section 35-185. Treasurer's warrant notes shall not be sold at a price below their face value.

C. Each treasurer's warrant note sold or exchanged shall be dated the date the respective warrants are presented for payment. If the date of delivery of a treasurer's warrant note that is sold is later than the date of presentment of the respective warrant or warrants, the purchaser of the treasurer's warrant note shall pay the accrued interest as an additional purchase price. The accrued interest shall be paid to the holder of the respective unpaid warrant or warrants, which shall be deemed to bear interest at the same rate as the respective treasurer's warrant note from presentment to payment from the proceeds of warrant notes sold.

D. The treasurer shall establish a maturity date for each treasurer's warrant note of not longer than ninety days from the date of initial issue. The treasurer may specify that treasurer's warrant notes may be called for redemption at any time before the specified maturity date.

E. The treasurer shall pay interest from the treasurer's warrant note redemption fund on the face value of each warrant note at the rate established by the state treasurer at the time of issuing the warrant note. Interest shall be paid from the date of the treasurer's warrant note until the maturity date or redemption date. The treasurer shall establish the interest rate before the exchange or sale of warrant notes at a rate of not more than the maximum rate permitted by the state loan commissioners.

F. The state loan commissioners, at a meeting called and chaired by the state treasurer, shall fix or change the maximum rate of interest that may be paid on warrant notes. Any change of the maximum allowable rate of interest as established by the state loan commissioners shall not affect warrant notes issued before the date of the change.

G. Each treasurer's warrant note shall be signed by the treasurer or the treasurer's designated agent and countersigned by the director of the department of administration or the director's designated agent. The required signatures may be electronic signatures.  All treasurer's warrant notes shall be substantially in the following form:

Treasurer's warrant note

(20__ to ____ fiscal year)

Number _____________________

Phoenix, Arizona _________________, 20__

On _________, 20__, the treasurer of the state of Arizona will pay to the order of _______________ at ___________________ $_____________ with interest at _______ per annum from the date of issuance until paid (calculated on a 365/366 day basis).

(insert early redemption provisions)

____________________________  ____________________________

(Countersigned)                       State Treasurer

Director of the department

of administration

H. Treasurer's warrant notes may be exchanged or sold for the combined face value of any number of treasurer's warrant notes previously issued.  Except for those treasurer's warrant notes issued in exchange for or to redeem treasurer's warrant notes previously issued, treasurer's warrant notes may not be issued, exchanged or sold except in payment of or to provide monies to pay warrants, checks or substitute checks, and electronic funds transfer vouchers presented for payment as provided in section 35-185.

I. Treasurer's warrant notes issued in any fiscal year shall be numbered consecutively beginning with the number one. Treasurer's warrant notes shall be redeemed in numerical order. If the treasurer has sufficient monies to pay only a portion of the lowest numbered outstanding warrant note, the treasurer may deposit the monies with the paying agent pursuant to subsection K of this section or call in the lowest numbered warrant note, before maturity according to its terms, and pay the bearer the amount available and issue to the bearer a new warrant note bearing a number that will preserve, for the new warrant note, the priority of the partially paid warrant note and bearing a value equal to the amount of principal and interest remaining unpaid. The new warrant note and the partial payment of principal and interest on the partially paid warrant note shall be exchanged for the partially paid warrant note. The new warrant note shall pay interest at the same rate as the partially paid warrant note. The treasurer may make the changes in the form and date of the new warrant note as necessary to reflect the amount of unpaid interest on the partially paid warrant note.

J. The treasurer may include in the form of the treasurer's warrant notes provisions regarding the redemption and payment of treasurer's warrant notes before maturity as are consistent with subsections I and K of this section and section 35-185.02. If prior redemption is to be a provision of a treasurer's warrant note, the note shall provide a method to notify the holder of the note by publication or written, telegraphic or electronic means as chosen by the treasurer.

K. The treasurer may appoint a paying agent to facilitate the redemption and payment of treasurer's warrant notes. Monies deposited with the paying agent shall be allocated to pay the principal of, interest on and any prior redemption premiums associated with treasurer's warrant notes in numerical order. A treasurer's warrant note is deemed paid for all purposes of this section and section 35-185.02 when there is deposited with the paying agent sufficient monies to pay all amounts when due on the treasurer's warrant note and all amounts when due on all outstanding treasurer's warrant notes bearing a lower number. A paying agent appointed pursuant to this subsection shall provide security deposits as required by the treasurer.

L. When the treasurer or the paying agent, if payment is made to a paying agent, pursuant to subsection K of this section, pays treasurer's warrant notes or when the warrant notes are redeemed, the treasurer or paying agent shall mark on the face of the treasurer's warrant notes the word "cancelled" or shall cancel the warrant notes by electronic means indicating the date of cancellation and shall promptly present the notes to the director of the department of administration who shall give the state treasurer a receipt therefor.

M. If the state loan commissioners determine that it will result in a lower net effective interest rate on one, some or all warrant notes to be issued by the treasurer during the current fiscal year, the commissioners may authorize the treasurer to purchase letters of credit and to incur and pay insurance premiums, attorney fees or other related costs incurred with respect to treasurer's warrant notes. All such payments shall be treated in the same manner as interest to be paid on treasurer's warrant notes and shall be paid from the treasurer's warrant note redemption fund.

N. If treasurer's warrant notes are to be exchanged for warrants, checks or substitute checks, or electronic funds transfer vouchers held by banks or savings and loan associations, the treasurer may enter into agreements with such banks or savings and loan associations to provide for the issuance, reissuance and custody of treasurer's warrant notes, the fixing of the interest rates on the treasurer's warrant notes and the method of giving notice to the holders of the notes. Such agreements may provide for a book entry system for the treasurer's warrant notes or may provide for the issuance of one note with an appropriate grid on the reverse, which shall show the advancements made by the banks or savings and loan associations and also the payments of interest and reductions of principal. Such agreements may be continuing in nature, may be executed at any time and may apply to any treasurer's warrant notes exchanged for either warrants, checks or substitute checks, or electronic funds transfer vouchers or treasurer's warrant notes at any time during the remainder of the fiscal year in which the agreement is made. The agreements shall provide a method to preserve the priority of, interest rate on and other terms of each treasurer's warrant note exchanged pursuant to the agreement. Any such agreement shall not become effective until approved by the state loan commissioners.
A.R.S. § 35-323 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 323
35-323 Investment of public monies; bidding; security and other requirements
Status: in_force

35-323. Investment of public monies; bidding; security and other requirements

A. The treasurer shall invest and reinvest public monies in securities and deposits with a maximum maturity of five years. All public monies shall be invested in eligible investments. Eligible investments are:

1. Certificates of deposit in eligible depositories.

2. Deposits in one or more federally insured banks or savings and loan associations placed in accordance with the procedures prescribed in section 35-323.01.

3. Interest bearing savings accounts in banks and savings and loan institutions doing business in this state whose accounts are insured by federal deposit insurance for their industry, but only if deposits of more than the insured amount are secured by the eligible depository to the same extent and in the same manner as required under this article.

4. Repurchase agreements with a maximum maturity of one hundred eighty days.

5. The pooled investment funds established by the state treasurer pursuant to section 35-326.

6. Obligations issued or guaranteed by the United States or any of the senior debt of its agencies, sponsored agencies, corporations, sponsored corporations or instrumentalities.

7. Bonds, notes or other evidences of indebtedness of this state or any of its counties, incorporated cities or towns, school districts or special taxing districts, including registered warrants, substitute checks, and electronic funds transfer vouchers that bear interest pursuant to section 11-635.

8. Bonds, notes or evidences of indebtedness of any county, municipal district, municipal utility or special taxing district of any state that are payable from revenues, earnings or a special tax specifically pledged for the payment of the principal of and interest on the obligations, and for the payment of which a lawful sinking fund or reserve fund has been established and is being maintained, but only if a default in payment on principal or interest on the obligations to be purchased has not occurred within five years after the date of investment, or, if such obligations were issued less than five years before the date of investment, a default in payment of principal or interest has not occurred on the obligations to be purchased or any other obligations of the issuer within five years after the investment.

9. Bonds, notes or evidences of indebtedness issued by any county improvement district or municipal improvement district of any state to finance local improvements authorized by law, if the principal and interest of the obligations are payable from assessments on real property within the improvement district. An investment shall not be made if:

(a) The face value of all such obligations, and similar obligations outstanding, exceeds fifty percent of the market value of the real property, and if improvements on which the bonds or the assessments for the payment of principal and interest on the bonds are liens inferior only to the liens for general ad valorem taxes.

(b) A default in payment of principal or interest on the obligations to be purchased has occurred within five years after the date of investment, or, if the obligations were issued less than five years before the date of investment, a default in the payment of principal or interest has occurred on the obligations to be purchased or on any other obligation of the issuer within five years after the investment.

10. Commercial paper of prime quality that is rated within the top two ratings by a nationally recognized rating agency. All commercial paper must be issued by corporations organized and doing business in the United States.

11. Bonds, debentures, notes or other evidences of indebtedness that are denominated in United States dollars and that carry at a minimum an "A" or better rating, at the time of purchase, from at least two nationally recognized rating agencies.

12. Negotiable or brokered certificates of deposit issued by a nationally or state-chartered bank or savings and loan association.

13. Securities of or any other interests in any open-end or closed-end management type investment company or investment trust, including exchange traded funds whose underlying investments are invested in securities allowed by state law, registered under the investment company act of 1940 (54 Stat. 789; 15 United States Code sections 80a-1 through 80a-64), as amended.

B. Certificates of deposit shall be purchased from the eligible depository bidding the highest permissible rate of interest. Monies over $100,000 may not be awarded at any interest rate less than one hundred three percent of the equivalent bond yield of the offer side of United States treasury bills having a similar term. If the eligible depository offering to pay the highest rate of interest has bid only for a portion of the monies to be awarded, the remainder of the monies shall be awarded to eligible depositories bidding the next highest rates of interest.

C. An eligible depository is not eligible to receive total aggregate deposits from this state and all its subdivisions in an amount exceeding twice its capital structure as outlined in the last call of condition of the deputy director of the financial institutions division of the department of insurance and financial institutions.

D. If two or more eligible depositories submit bids of an identical rate of interest for all or any portion of the monies to be deposited, the award of the deposit of the monies shall be made to the eligible depository among those submitting identical bids having, at the time of the bid opening, the lowest ratio of total public deposits in relation to its capital structure.

E. Each bid that is submitted and not withdrawn before the time specified constitutes an irrevocable offer to pay interest as specified in the bid on the deposit, or portion bid for, and the award of a deposit in accordance with this section obligates the depository to accept the deposit and pay interest as specified in the bid pursuant to which the deposit is awarded.

F. The treasurer shall maintain a record of all bids received and shall make available to the board of deposit at its next regularly scheduled meeting a correct list showing the bidders, the bids received and the amount awarded. These records shall be available to the public and shall be kept in the possession of the treasurer for at least two years after the date of the report.

G. Any eligible depository, before receiving a deposit of more than the insured amount under this article, shall deliver collateral for the purposes of this subsection equal to at least one hundred two percent of the deposit. The collateral shall be any of the following:

1. A bond executed by a surety company that is approved by the treasury department of the United States and authorized to do business in this state. The bond shall be approved as to form by the legal advisor of the treasurer.

2. Securities or instruments of the following character:

(a) United States government or agency obligations.

(b) State, county, school district and other district municipal bonds.

3. The safekeeping receipt of a federal reserve bank or any bank located in a reserve city, or any bank authorized to do business in this state, whose combined capital, surplus and outstanding capital notes and debentures on the date of the safekeeping receipt are $10,000,000 or more, evidencing the deposit therein of any securities or instruments described in this section. A safekeeping receipt shall not qualify as security, if issued by a bank to secure its own public deposits, unless issued directly through its trust department. The safekeeping receipt shall show on its face that it is issued for the account of the treasurer and shall be delivered to the treasurer. The safekeeping receipt may provide for the substitution of securities or instruments that qualify under this section with the affirmative act of the treasurer.

4. Letters of credit issued by a federal home loan bank if:

(a) The letter of credit has been delivered pursuant to this section or chapter 10, article 1 of this title to the statewide collateral pool administrator.

(b) The letter of credit meets the required conditions of:

(i) Being irrevocable.

(ii) Being issued, presentable and payable at a federal home loan bank in United States dollars. Presentation may be made by the beneficiary submitting the original letter of credit, including any amendments, and the demand in writing, by overnight delivery.

(iii) If the letter of credit is for purposes of chapter 10, article 1 of this title, containing a statement that identifies the statewide collateral pool administrator as the beneficiary.

(iv) Containing an issue date and a date of expiration.

(c) For the purposes of chapter 10, article 1 of this title, the eligible depository, if notified by the statewide collateral pool administrator, is not allowed to use new letters of credit issued by a federal home loan bank if that federal home loan bank fails to pay a draw request as provided for in the letters of credit or fails to properly complete a confirmation of such letters of credit.

H. The securities, instruments or safekeeping receipt for the securities and instruments shall be accepted at market value if not above par, and, if at any time their market value becomes less than the deposit liability to that treasurer, additional securities or instruments required to guarantee deposits shall be deposited immediately with the treasurer who made the deposit and deposited by the eligible depository in which the deposit was made.

I. The condition of the surety bond, or the deposit of securities, instruments or a safekeeping receipt, must be such that the eligible depository will promptly pay to the parties entitled public monies in its custody, on lawful demand, and will, when required by law, pay the monies to the treasurer making the deposit.

J. Notwithstanding the requirements of this section, any institution qualifying as an eligible depository may accept deposits of public monies to the total then authorized insurance of accounts, insured by federal deposit insurance, without depositing a surety bond or securities in lieu of the surety bond.

K. An eligible depository shall report monthly to the treasurer the total deposits of that treasurer and the par value and the market value of any pledged collateral securing those deposits.

L. When a security or instrument pledged as collateral matures or is called for redemption, the cash received for the security or instrument shall be held in place of the security until the depository has obtained a written release or provided substitute securities or instruments.

M. The surety bond, securities, instruments or safekeeping receipt of an eligible depository shall be deposited with the treasurer making the deposit, and the treasurer is the custodian of the bond, securities, instruments or safekeeping receipt. The treasurer may then deposit with the depository public monies then in the treasurer's possession in accordance with this article, but not in an amount of more than the surety bond, securities, instruments or safekeeping receipt deposited, except for federal deposit insurance.

N. The following restrictions on investments apply:

1. Public operating fund monies shall not be invested for a maturity of longer than five years.

2. The board of deposit may order the treasurer to sell any of the securities, and any order shall specifically describe the securities and fix the date on which they are to be sold. Securities so ordered to be sold shall be sold for cash by the treasurer on the date fixed in the order, at the then-current market price. The treasurer and the members of the board are not accountable for any loss occasioned by sales of securities at prices lower than their cost. Any loss or expense shall be charged against earnings received from investment of public monies.

3. Investments shall not be made in companies identified pursuant to section 35-392, subsection A, paragraph 1.

O. If the total amount of subdivision monies available for deposit at any time is less than the maximum coverage amount of the federal deposit insurance corporation, the subdivision board of deposit shall award the deposit of the monies to an eligible depository in accordance with an ordinance or resolution of the governing body of the subdivision. Deposits of less than the maximum coverage amount of the federal deposit insurance corporation are not subject to the requirements of this chapter.
A.R.S. § 35-423 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 423
35-423 Interest coupons
Status: in_force

35-423. Interest coupons

A. Coupons for interest shall be attached to each bond, shall be consecutively numbered and bear the same number as the bond to which it is attached, shall bear the facsimile signature of the state treasurer and shall cover the interest expressed in the bond from the date of issue until paid.

B. Bonds shall not bear interest, nor shall interest be paid thereon, for any time before they are delivered to the purchaser.
A.R.S. § 35-473.01 — Arizona Code / Title 35 / Chapter 3 / Article 4 / Section 473.01
35-473.01 Refunding bonds issued in advance of maturity of the bonds to be refunded; definition
Status: in_force

35-473.01. Refunding bonds issued in advance of maturity of the bonds to be refunded; definition

A. Refunding bonds, designated as such, may also be authorized, issued and sold pursuant to this article for the purpose of refunding any bonds theretofore issued under the authority of article 3 of this chapter or under the authority of both article 3 of this chapter and title 9, chapter 5, article 3 or under the authority of title 15, chapter 4, article 5 and chapter 9, article 7 or by any political subdivision that is a public, corporate body under the laws of this state the property of which is exempt from taxation, for the purpose of refunding any bonds, theretofore issued under authority of law and payable from the proceeds of taxes, including assessments, which may be levied annually at uniform rates and are secured by property subject thereto in the political subdivision, in advance of the maturity or call date of such bonds to be refunded. If the weighted average maturity of the refunding bonds is at least seventy-five percent of the weighted average maturity of the bonds being refunded, no election on the issuance of the refunding bonds shall be required. If the refunding bonds are combined into a single issue with bonds authorized for nonrefunding purposes, the bonds so authorized for nonrefunding purposes shall have been submitted at an election as otherwise provided by law.

B. When refunding bonds issued pursuant to this section are sold, the net proceeds shall be invested in obligations issued by or guaranteed by the United States government, if these investments will mature with interest so as to provide funds to pay when due, or called for redemption, the bonds to be refunded together with interest thereon and redemption premiums, if any, and such proceeds or obligations shall, and other funds legally available for such purposes may, be deposited in the respective principal and interest redemption funds and shall be held in trust for the payment of the refunded bonds with interest and redemption premiums, if any, on maturity or upon an available redemption date or on an earlier voluntary surrender with the consent of the issuer.

C. For bonds that are issued to refund outstanding bonds that are issued before September 1, 2016, in advance of the maturity dates of such bonds, the holder of the refunding bonds shall rely on the sufficiency of the funds or securities held in trust for the payment of the refunded bonds. The issuance of refunding bonds shall in no way infringe on the rights of the holder of the refunded bonds to rely on a tax levy for the payment of principal and interest on the refunded bonds if the investments in the redemption funds prove insufficient. The total aggregate of taxes levied to pay principal and interest on the refunding bonds in the aggregate shall not exceed the total aggregate principal and interest to become due on the refunded bonds from the date of issuance of the refunding bonds to the final date of maturity on the bonds being refunded. Subject to such limitation, taxes in an amount sufficient to pay the interest on all refunding bonds issued pursuant to this section, then outstanding, the installments of the principal thereof becoming due and payable in the ensuing year, and the annual portion of such sinking fund as may be set up for retirement thereof, shall be levied, assessed and collected as other taxes of the political subdivision and the proceeds therefrom kept in a special fund and used only for the purposes for which collected.

D. For bonds that are issued to refund or refinance bonds that are issued from and after August 31, 2016, in advance of the maturity dates of such bonds, the holder of the refunded bonds shall rely on the sufficiency of the funds or securities held in trust for the payment of the refunded bonds. To the extent that payment of amounts on the refunded bonds is provided for by the deposit of funds and securities held in trust for the payment of the refunded bonds, all obligations of the political subdivision to levy a tax for the payment of such amounts shall cease and terminate.  The refunded bonds shall in no way infringe on the rights of the holders of the refunding bonds to rely on a tax levy for the payment of principal of and interest on the refunding bonds if the investments in the redemption funds prove insufficient. The total aggregate of taxes levied to pay principal of and interest on the refunding bonds in the aggregate shall not exceed the total aggregate principal and interest to become due on the refunded bonds from the date of issuance of the refunding bonds to the final date of maturity on the bonds being refunded.  Subject to such limitation, taxes in an amount sufficient to pay the interest on all refunding bonds issued pursuant to this section, then outstanding, the installments of the principal thereof becoming due and payable in the ensuing year, and the annual portion of such sinking fund as may be set up for retirement thereof, shall be levied, assessed and collected as other taxes of the political subdivision and the proceeds therefrom kept in a special fund and used only for the purposes for which collected.

E. Proceedings pursuant to this section shall be had by the board or boards that would be authorized to issue and sell the bonds to be refunded if such bonds were then to be issued and sold. The refunding bonds to be issued pursuant hereto may be of serial, including semiannual, or term maturities payable at any time on or before the maximum maturity date otherwise authorized by this article, and the provisions relating to execution, validity, records, place of payment and payment, cancellation and destruction on maturity of the bonds to be refunded shall apply to such refunding bonds.

F. Refunding bonds to be issued pursuant to this section may be combined with bonds otherwise authorized, provided that they are of equal priority.

G. The powers conferred by this section are in addition to, and not in substitution of, and the limitations imposed by this section shall not affect the powers conferred by any other law.

H. The amount of net premium associated with a refunding bond issue may be used only for one or more of the following:

1. To fund the escrow account to pay the bonds to be refunded.

2. To pay the costs incurred in issuing the refunding bonds.

3. As a deposit in a debt service fund and only to pay interest on the bonds.

I. If the net premium associated with a refunding bond issue is used to fund the escrow account to pay the bonds to be refunded and the principal amount of the refunding bonds is less than the principal amount of the bonds being refunded, the difference between such principal amounts reduces the available aggregate indebtedness capacity of the political subdivision under the constitution and statutes of this state in an equal amount, provided that the difference in the amounts may not exceed the aggregate available indebtedness capacity of the political subdivision.  The difference in principal amount will not cause any increase or decrease in the principal amount authorized pursuant to any bond election.  Any net premium used as provided in this subsection shall be amortized for all debt limitation purposes on a pro rata basis each year by multiplying the net premium used by a percentage equal to the percentage of the total principal amount of the bond issue that matures in that year.

J. For the purposes of this section, "net premium" means the difference between the par amount of the bond issue and the bond issue price determined pursuant to United States treasury regulations.
A.R.S. § 35-314 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 314
35-314 Equity investment of trust and treasury monies; definition
Status: in_force

35-314. Equity investment of trust and treasury monies; definition

A. The state treasurer may invest and reinvest monies in equity securities for any fund for which equity investment is authorized.

B. The state treasurer shall exercise prudence, judgment and care under the prevailing circumstances when investing in equity securities and may reduce the portion of equity securities held by any fund in order to avoid a reduction in current return on investments.

C. Equity securities that are eligible for purchase are restricted to stocks listed on any national stock exchange or eligible for trading through the United States national association of securities dealers automated quotation system, or successor institutions, except as may be prohibited by general criteria or by a restriction on investment in a specific security adopted pursuant to this section.

D. Not more than five per cent of a fund at cost may be invested in equity securities issued by the same institution, agency or corporation, other than securities issued as direct obligations of and fully guaranteed by the United States government or any of its agencies, sponsored agencies, corporations, sponsored corporations or instrumentalities.

E. For the purposes of this section, "equity securities" means shares of stock, certificates of stock or any other evidence of equity interest in a corporation.  Equity securities do not include exchange traded products whose underlying investments are fixed income securities that are allowed by state law.
A.R.S. § 35-608 — Arizona Code / Title 35 / Chapter 4 / Article 1 / Section 608
35-608 Purpose of article
Status: in_force

35-608. Purpose of article

This article shall not affect any other law covering the same subject matter, or apply to any proceedings thereunder, but is intended to and does provide, among other matters, an alternative system for refunding bonds pursuant to the provisions of, and in conjunction with, the federal bankruptcy statute.
A.R.S. § 35-602 — Arizona Code / Title 35 / Chapter 4 / Article 1 / Section 602
35-602 Exercise of powers
Status: in_force

35-602. Exercise of powers

All powers granted by this article to taxing districts may be exercised by such districts, or, if such districts have no officers of their own, may be exercised by the officers who have the authority to contract on behalf of such districts, or to levy special assessments or special taxes within such districts.
A.R.S. § 35-314.01 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 314.01
35-314.01 Permanent state land fund monies; investment
Status: in_force

35-314.01. Permanent state land fund monies; investment

In addition to the investment authority in section 35-313, the state treasurer may invest and reinvest monies of the state land funds established in sections 37-521 through 37-525 in equity securities pursuant to section 35-314, except that not more than sixty per cent of the monies in each of the funds may be invested in equity securities at any time.  The percentage of investment shall be calculated at cost.
A.R.S. § 35-151 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 151
35-151 Encumbrance documents; issuance and disposition; exception
Status: in_force

35-151. Encumbrance documents; issuance and disposition; exception

A. An encumbrance document shall be processed in this state's accounting system before a budget unit issues a purchase order or encumbrance document against appropriations to cover an obligation, actual or anticipated, except that encumbrance documents are not required for:

1. Reimbursements to employees for travel or other expenses incurred.

2. Gross payrolls and related employee expenses of a budget unit.

3. Eligibility payments.

4. Required payments that are not discretionary.

5. Under procedures prescribed in the state accounting manual of the department of administration, expenditures not exceeding $5,000.

B. Copies of the encumbrance documents shall be submitted immediately to or entered into the state accounting system of the department of administration. The budget unit shall certify that the proposed expenditure is authorized by appropriation and allotment and that the amount involved does not exceed the unencumbered and unexpended balance of the appropriation as recorded in the state's accounting system. If any proposed certified expenditure is found to exceed the unencumbered and unexpended balance or to be contrary to this chapter or any other law, the head of the budget unit or the head's designee shall disallow the proposed expenditure.  If the encumbrance is found to be in order, it shall be immediately submitted or electronically transmitted to the department of administration central accounting system, which shall not accept an encumbrance in excess of the appropriation. The amount of the encumbrance shall be set aside to be used exclusively to pay the claim when presented. If an adequate appropriation balance is not available, the accounting system shall reject the transaction.

C. The department of administration may require encumbrances for all funds of this state, except for the investment of public monies or permanent endowment funds, which are not appropriated but are held in custody by the state treasurer.

D.  An encumbrance document may not be approved by or for any budget unit that will involve an expenditure of any amount in excess of the unencumbered and unexpended balance of the appropriation or fund source to which the resulting expenditure will be chargeable.

E.  Except for an expenditure that is exempt under subsection A of this section, an expenditure under section 35-191 shall be encumbered regardless of the dollar amount of the expenditure.
A.R.S. § 35-771 — Arizona Code / Title 35 / Chapter 5 / Article 6 / Section 771
35-771 Definitions
Status: in_force

35-771. Definitions

In this article, unless the context otherwise requires:

1. "Educational institution" means a university under the jurisdiction of the Arizona board of regents, a community college in this state, an accredited private postsecondary institution eligible under title IV of the higher education act of 1965 licensed by this state and any other accredited institution eligible under title IV of the higher education act of 1965 offering postsecondary education or courses, whether located within or outside of the boundaries of this state, that awards any eligible degree.

2. "Eligible degree" means any postsecondary degree or program.

3. "Eligible lender" means an entity affiliated or contracting with a corporation or a qualified educational institution that may make student loans to eligible students or to the parents of eligible students or a nonprofit entity that is exempt from taxation under section 501(c)(3) of the internal revenue code and that makes student loans.

4. "Eligible student" means any student attending any qualified educational institution and any resident of this state attending any educational institution.

5. "Parent" means a student's mother, father, adoptive parent, grandparent or guardian or any person with the duty and authority to make important decisions in matters having a permanent effect on the life and development of a student and to be concerned about the student's general welfare.

6. "Qualified educational institution" means an educational institution, as defined in paragraph 1 of this section, with a campus and facilities located in this state that offers one or more eligible degrees.

7. "State program representative" means the state treasurer or the  state treasurer's designee.

8. "Student loan" means a loan to or for the benefit of an eligible student for the purpose of financing all or a part of the eligible student's cost of attending an educational institution in pursuit of an eligible degree or refinancing any such loan previously made.
A.R.S. § 35-807 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 807
35-807 Earnings of the corporation
Status: in_force

35-807. Earnings of the corporation

The corporation shall be a nonprofit corporation and no part of its net earnings remaining after payment of its debts and expenses shall inure to the benefit of any individual, firm or corporation.
A.R.S. § 35-1212 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1212
35-1212 Fees; public deposit administration fund
Status: in_force

35-1212. Fees; public deposit administration fund

A. The administrator shall annually assess every eligible depository that is securing any uninsured public deposits pursuant to this chapter a fee in an amount established by the administrator for the enforcement and administration of this chapter.  The fees shall fairly and equitably apply to all eligible depositories that are securing any uninsured public deposits pursuant to this chapter calculated according to the proportion of aggregate public monies that each depository holds in relation to the total of all aggregate public deposits held by those eligible depositories for each annual period.  For the purposes of this subsection, monies initially invested pursuant to section 35-323.01, subsection A, paragraph 1 and deposited pursuant to section 35-323.01, subsection A, paragraph 2 shall not be included in determining the aggregate public monies held by an eligible depository that is securing any uninsured public deposits pursuant to this chapter.  The administrator shall deposit the fees in the public deposit administration fund.

B. The public deposit administration fund is established in the state treasury.  The fund shall consist of fees deposited pursuant to subsection A of this section and all interest earned on the investment of the monies in the fund.  Any interest shall be credited at least annually to the fund.  Except as otherwise provided in subsection A of this section, monies in the fund are continuously appropriated to the administrator for the administration and enforcement of this chapter.  Monies in the fund are exempt from the provisions of section 35-190, relating to lapsing of appropriations.  Monies shall not be appropriated from the state general fund for payment of any expenses incurred under this chapter, and the expenses shall not be charged against the state.  Any monies remaining in the fund at the end of each fiscal year that exceed the cost of administering this chapter for that fiscal year shall be applied as a credit for fees assessed pursuant to this section or refunded the following calendar year to the participating eligible depositories.
A.R.S. § 35-453 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 453
35-453 Order for election
Status: in_force

35-453. Order for election

A. The governing body or board of the political subdivision shall order the election to be held at the regular voting places within the limits of such subdivision on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d).

B. If the election is to be held for creating an indebtedness by a county, the order shall be made by the board of supervisors of the county in which the election will be held.

C. The order shall state the object of the election, and shall be prima facie evidence that all provisions necessary to give the order validity or qualify the governing body or board to make such order have been fully complied with.
A.R.S. § 35-187 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 187
35-187 Warrants, checks and substitute checks; limit on payment
Status: in_force

35-187. Warrants, checks and substitute checks; limit on payment

A warrant, check or substitute check on the state treasury shall not be paid unless presented to the state treasurer for payment before the void date printed on the face of the warrant, check or substitute check. Any warrant, check or substitute check that includes federal, trust or donated monies held for the payment of void warrants or checks shall be transferred or reverted to the fund from which it was drawn.  All other monies held for the payment of void warrants, checks or substitute checks are deemed property presumed abandoned under section 44-302, subsection A, paragraph 11 and shall be transmitted to the department of revenue each month. For the purposes of this section and title 44, chapter 3, a warrant, check or substitute check does not include a state-issued check for support as defined in section 25-500 or for spousal maintenance.
A.R.S. § 35-301 — Arizona Code / Title 35 / Chapter 2 / Article 1 / Section 301
35-301 Duties and liabilities of custodian of public monies; violations; classification
Status: in_force

35-301. Duties and liabilities of custodian of public monies; violations; classification

A public officer or other person, including justices of the peace and constables, who is charged with receiving, safekeeping, transferring or disbursing public monies is guilty of a class 4 felony who:

1. Without authority of law, appropriates the monies or any portion thereof to the person's own use or to the use of another.

2. Knowingly loans the monies or any portion thereof.

3. Knowingly fails to keep the monies in the person's possession until disbursed or paid by authority of law.

4. Without authority of law knowingly deposits the monies or any portion thereof in a bank, or with a banker or other person, except on special deposit for safekeeping.

5. Knowingly keeps a false account or makes a false entry or erasure in an account of or relating to the monies.

6. Alters, falsifies, conceals, destroys or obliterates such an account with an intent to defraud or deceive.

7. Knowingly refuses or omits to pay on demand public monies in the person's custody on presentation of a draft, order or warrant, check or substitute check, or electronic funds transfer voucher drawn on such monies by competent authority.

8. Knowingly omits or refuses to transfer the monies when a transfer is required by law.

9. Knowingly transfers the monies when not authorized or directed by law.

10. Knowingly omits or refuses to pay to an officer or person authorized by law to receive the monies any monies received by the person if a duty is imposed by law to pay the monies.
A.R.S. § 35-741 — Arizona Code / Title 35 / Chapter 5 / Article 3 / Section 741
35-741 Exemption from taxation
Status: in_force

35-741. Exemption from taxation

The corporation and its income and all bonds issued by it and the income therefrom shall be exempt from all taxation in this state, except that property of the corporation shall be subject to all applicable ad valorem taxes. If such property is leased, such ad valorem taxes shall be charged to the lessee as fully as if the lessee were the owner of such leased property except that no ad valorem tax shall be imposed upon any property of the corporation which is leased to a person qualified for exemption from such taxes by article 9, section 2, Constitution of Arizona and no charge for such a tax shall be made to any such lessee.
A.R.S. § 35-119 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 119
35-119 Assistance to appropriation committees
Status: in_force

35-119. Assistance to appropriation committees

From the time of transmission of the budget report to the legislature until the appropriation act or acts have been finally disposed of, the director of the governor's office of strategic planning and budgeting, in person or by an assistant, shall be available to the legislature and the appropriation committees thereof for explanation of any recommendation made in the governor's budget report to the legislature.
A.R.S. § 35-155 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 155
35-155 Cash deposit as an alternative to a surety bond
Status: in_force

35-155. Cash deposit as an alternative to a surety bond

A. Any budget unit which requires a person to post a surety bond to guarantee the faithful performance of a legal obligation may accept, in lieu of the surety bond, a cash deposit in the form of cash or alternatives to cash. The budget unit may accept as an alternative to cash any of the following:

1. Certificates of deposit or investment certificates payable or assigned to the state treasurer issued by banks doing business in this state and insured by the federal deposit insurance corporation.

2. Certificates of deposit, investment certificates or share accounts payable or assigned to the state treasurer and issued by a savings and loan association doing business in this state and insured by the federal savings and loan insurance corporation.

3. Certificates of deposit, investment certificates or share accounts payable or assigned to the state treasurer and issued by a credit union doing business in this state and insured by the national credit union administration.

B. The budget unit shall deposit the cash deposit received under this section with the state treasurer. The state treasurer shall hold the cash or alternatives to cash in the name of this state to guarantee the faithful performance of all legal obligations of the person required to post the bond. The person is entitled to receive any accrued interest earned from the alternatives to cash. The state treasurer may impose a fee to reimburse the state treasurer for administrative expenses. The fee shall not exceed ten dollars for each cash deposit.

C. A person depositing cash in lieu of a surety bond may withdraw the deposit upon satisfactory performance of the legal obligation or upon replacing the cash deposit with a commercial surety bond.

D. The budget unit and the state treasurer have no personal liability for the performance of duties relating to the cash deposits permitted by this section as long as those duties are performed in good faith.

E. The state treasurer may prescribe rules relating to the terms and conditions of each type of security provided by this section.
A.R.S. § 35-112 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 112
35-112 Forms for budget unit estimates; date of transmittal
Status: in_force

35-112. Forms for budget unit estimates; date of transmittal

A. The governor shall prescribe the forms to be used by budget units in submitting their budget estimates and requests for appropriations in accordance with this chapter and shall prepare necessary instructions for guiding officials in preparing the budget estimates and requests.

B. On or before July 1 each year, the governor shall transmit to the administrative head of each budget unit at least three complete sets of prescribed forms on which budget estimates and requests for appropriations for the ensuing fiscal year are to be submitted.
A.R.S. § 35-406 — Arizona Code / Title 35 / Chapter 3 / Article 1 / Section 406
35-406 Sale of bonds; use of proceeds
Status: in_force

35-406. Sale of bonds; use of proceeds

A. The tax anticipation bonds shall be sold to the highest bidder that meets the conditions imposed by the loan commissioners, but shall not be sold at less than par.

B. When the issuance and sale of any bonds have been completed, the treasurer shall immediately call in and pay from the proceeds of the sale all state warrants, checks or substitute checks, and electronic funds transfer vouchers that are registered and accumulated at that date, or otherwise the proceeds of the bonds shall be used solely for the purposes for which the taxes on which the bonds are based were levied.
A.R.S. § 35-810 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 810
35-810 Chapter cumulative; no notice required
Status: in_force

35-810. Chapter cumulative; no notice required

A. This chapter shall not be construed as a restriction or limitation upon any powers which the corporation otherwise might have under any laws of this state, but shall be construed as cumulative of any such powers. Except as provided in title 44, chapter 12, article 4, no proceedings, notice or approval shall be required for the issuance of any bonds of the corporation or any security therefor, except as provided in this chapter, any other law to the contrary notwithstanding, provided that nothing in this chapter shall be construed to deprive the state and its governmental subdivisions of their respective police powers over any properties of the corporation or to impair any powers of any official or agency of the state and its governmental subdivisions.

B. Pollution control facilities may be financed, refinanced, purchased, constructed, leased, improved, extended and disposed of pursuant to this chapter, and bonds may be issued under this chapter for any of such purposes, notwithstanding that any other law may also provide for the acquisition, purchase, construction, improvement and extension or disposition of a similar project or for the issuance of bonds for like purposes and with the exception of the requirements imposed pursuant to title 44, chapter 12, article 4, without regard to the requirements, restrictions, limitations or other provisions contained in any other law. Insofar as the provisions of this chapter are inconsistent with any other law of this state, the provisions of this chapter shall be controlling, except that the provisions of this chapter shall in no manner diminish the power of any corporation or authority formed under the provisions of chapter 5 of this title, or impair or diminish any rights, privileges and immunities of a corporation formed thereunder and any such corporation or authority organized under chapter 5 of this title shall be authorized to issue bonds hereunder for pollution control facilities and shall, in addition to the powers conferred by chapter 5 of this title, have all powers conferred by the provisions of this chapter. The provisions of title 34 and this title have no application to corporations or their activities or property or to transactions entered into by them or on their behalf in accordance with this chapter or in the exercise of powers conferred upon them by law or this chapter.
A.R.S. § 35-118 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 118
35-118 Transmission of budget report to legislature
Status: in_force

35-118. Transmission of budget report to legislature

The governor shall have the budget report prepared in such number of copies as he deems necessary, and copies thereof shall be transmitted to the legislature not later than five days after the regular session of the legislature convenes.
A.R.S. § 35-196.03 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 196.03
35-196.03 Refunds for invalid tax laws; appropriation required
Status: in_force

35-196.03. Refunds for invalid tax laws; appropriation required

Notwithstanding any provision of law to the contrary, no monies may be paid from the state treasury to refund monies collected under a law imposing a tax if the law is declared invalid by a final judgment of a court of competent jurisdiction until the legislature has made a specific appropriation for that purpose after the judgment has become final.
A.R.S. § 35-910 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 910
35-910 Extension of confirmations
Status: in_force

35-910. Extension of confirmations

A. A confirmation may be extended one time for up to ninety days but not later than December 16 on providing the authority with a security deposit equal to one per cent of the principal amount set forth in the confirmation. The security deposit and request for extension shall be submitted to the authority before the expiration of the confirmation. Except as provided in subsection B, all extensions granted pursuant to this section expire on the earlier of ninety days from the date of the extension or at 5:00 p.m. December 16.  No security deposit is required pursuant to this section if the project is a qualified student loan project, is a qualified mortgage revenue bond, is a qualified mortgage credit certificate program or is for home improvement and rehabilitation.  Requests shall not be extended.

B. A confirmation or extension of confirmation which expires at 5:00 p.m. December 16 may be extended to 5:00 p.m. December 26 by filing with the authority on or before 5:00 p.m. on December 16 a certificate certifying that the bonds will be issued before 5:00 p.m. December 26, and providing the authority with an additional security deposit equal to one per cent of the principal amount stated in the confirmation. All extensions granted pursuant to this subsection expire at 5:00 p.m. December 26.

C. All security deposits received by the authority pursuant to this section are forfeited in favor of the authority if bonds are not issued before the expiration of the extension.