A.R.S. § 35-149 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 149
35-149 Disposition of private monies; contributions and suspense funds; exception
Status: in_force

35-149. Disposition of private monies; contributions and suspense funds; exception

A. Every department, institution, board or commission receiving private monies or contributions available for its support or for the purpose of defraying expenses or work done under its direction, other receipts that are subject to refund or return to the sender or receipts that have not yet accrued to the state shall, in depositing such monies with the state treasurer as provided in this chapter, certify to the department of administration:

1. The source from which such monies were received.

2. The terms and conditions under which and the purpose for which the monies were received.

3. The names of the trustees or administrators of the monies or contributions.

4. The name of the person authorized to approve expenditures from each fund.

B. The department, institution, board or commission shall keep an accounting of each such fund or contribution prescribed in subsection A of this section entirely separate and distinct from all other funds.

C. All disbursements from such funds and contributions shall be made on warrants, checks or electronic funds transfer vouchers of the department of administration, which shall issue such warrants, checks or electronic funds transfer vouchers only on adequate vouchers approved by the person or persons authorized to approve the disbursements.  Separate sets of accounts with each of such funds and contributions, and the receipts and disbursements thereof, shall be maintained by the department of administration.

D. This chapter does not apply to monies received by universities for the subsistence of dining halls, dormitories, bookstores or student activities, to federal monies or private monies of students received by state educational institutions, or to private monies of patients or inmates of state institutions, when such monies deposited with an officer of such an institution are declared not to be state monies.
A.R.S. § 35-723 — Arizona Code / Title 35 / Chapter 5 / Article 2 / Section 723
35-723 Prohibition on state debt
Status: in_force

35-723. Prohibition on state debt

This chapter shall not be construed to authorize the incurrence of a debt by this state within the meaning of any constitutional provision or to permit the pledging of student fees, charges or tuition to the payment of any bonds issued pursuant to this chapter.
A.R.S. § 35-904 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 904
35-904 Obtaining and issuing confirmations
Status: in_force

35-904. Obtaining and issuing confirmations

A. Subject to section 35-905, a confirmation allocating a portion of the state ceiling to a project must be obtained before the sale or issuance of bonds or mortgage credit certificates by the issuer. A confirmation may be obtained by filing with the authority a request and evidence of an inducement resolution or other official action taken by the issuer in connection with the project.  Requests filed by mail are deemed to be filed with the authority at 5:00 p.m. on the business day the request is actually received at the authority, whether by mail or email. All requests received on the same date and at the same time shall be dated and numbered by lot and confirmations to those requests shall be issued in the order determined by lot.

B. On and after the first business day of each year, a request may be prepared and filed by the issuer or on behalf of the issuer by bond counsel or any other interested person.

C. Except as provided in section 35-902, subsection G, section 35-909 and subsection D of this section, a confirmation issued before 5:00 p.m. on March 31 expires and an allocation is not deemed to be made unless the applicable bonds have been issued or a qualified mortgage credit certificate program has been established and a certificate of closing has been actually filed and received, not merely postmarked, including by email, with the authority not later than ninety days after the date of the confirmation or the first business day after the ninetieth day if the ninetieth day is not a business day. The confirmation may be extended as provided in section 35-910 beyond the ninety-day period or 5:00 p.m. on March 31.

D. Notwithstanding subsection C of this section, a confirmation issued for a project to be funded in part with an urban development action grant to be made under section 119 of the housing and community development act of 1974 (P.L. 93-383; 88 Stat. 633) or a housing development grant to be made under section 301 of the housing and urban-rural recovery act of 1983 (P.L. 98-181, title III, section 301, 97 Stat. 1196 and amended October 17, 1984, P.L. 98-479, title III, section 103, 98 Stat. 2223) expires and an allocation is not  deemed to be made unless the applicable bonds have been issued and a certificate of closing and evidence satisfactory to the director of the commitment to make an urban development action grant or a housing development grant with respect to such project have been actually filed and received, not merely postmarked, including by email, with the authority not later than 5:00 p.m. on December 26 or the next business day if December 26 is not a business day.

E. Subject to this section and section 35-909, the confirmation shall ensure allocation in the manner prescribed by the code for a dollar amount of bonds or a qualified mortgage credit certificate program not in excess of the amount set forth in the confirmation.

F. The director shall decline to issue confirmations at such time as the aggregate amount of bonds or mortgage credit certificates allocated under all confirmations previously issued and not expired, together with the proposed issue of bonds or mortgage credit certificates as to which a request has been received, would, through 5:00 p.m. on March 31, exceed the respective aggregate amount allocated under section 35-902, subsection C, D or E for such purpose, and from April 1, exceed the aggregate amount of the state ceiling that is not allocated under an unexpired confirmation nor within the discretion of the director pursuant to section 35-902, subsection B. On expiration of a confirmation or release of an allocation by the related issuer, the director shall issue a confirmation to the next numbered request which is equal to or less than the then available portion of the state ceiling or to the next numbered request if the principal amount of such request is reduced to an amount equal to or less than the then available portion of the state ceiling available for such purpose. Except for confirmations made pursuant to section 35-902, subsection B, the director may only issue a single confirmation for each request.

G. A confirmation made pursuant to section 35-902, subsection B may be accompanied by a certificate executed by the director. On request, the director shall execute a certificate stating that the confirmation was not made in consideration of any bribe, gift, gratuity or direct or indirect contribution to any political campaign. The director may require such oaths or affirmations as the director considers to be necessary to verify the accuracy of the certificate.

H. The director shall issue confirmations within three business days after receipt and shall issue confirmations in the order of receipt of fully and properly completed requests within the limitations of subsection F of this section. The authority shall notify the issuer and any other contact person listed in the request in writing, by email or by telephone of the issuance of a confirmation. The authority is not responsible for returning confirmations to the filing party. A confirmation shall be available for pickup at the authority after issuance of the confirmation.
A.R.S. § 35-465.07 — Arizona Code / Title 35 / Chapter 3 / Article 3.1 / Section 465.07
35-465.07 Rights of holders
Status: in_force

35-465.07. Rights of holders

The holder of any anticipation note may, in the holder's own name and on the holder's own behalf, or on behalf of all of the holders of the notes, take whatever action may be necessary to compel the performance of any duty required by any section of this article.
A.R.S. § 35-707 — Arizona Code / Title 35 / Chapter 5 / Article 1 / Section 707
35-707 Assumption of mortgage loans
Status: in_force

35-707. Assumption of mortgage loans

Notwithstanding the provisions of any other law, a corporation may prohibit the assumption of any single family mortgage loan purchased by it in accordance with the provisions of section 35-706 and require prepayment of the loan if the person proposing to assume the loan or the single family dwelling unit to which the loan relates fails to meet such eligibility criteria relating to mortgagors or single family dwelling units, respectively, as may be established by the corporation as the purchaser of such loan.
A.R.S. § 35-495 — Arizona Code / Title 35 / Chapter 3 / Article 5 / Section 495
35-495 Supplemental nature of article
Status: in_force

35-495. Supplemental nature of article

If the provisions of this article are inconsistent with any other provision of law, in order to prescribe a form of bond which will comply with the tax equity and fiscal responsibility act of 1982 (P.L. 97-248), the provisions of this article are controlling. The powers conferred by this article are in addition and supplemental to the powers conferred by any other law.
A.R.S. § 35-310 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 310
35-310 Definitions
Status: in_force

35-310. Definitions

In this article, unless the context otherwise requires:

1. "Eligible depository" means any commercial or savings bank or savings and loan association with its principal place of business in the United States which is insured by the federal deposit insurance corporation or any successor, or any other insuring instrumentality of the United States, in accordance with the applicable law of the United States or credit union which is insured by the national credit union administration.

2. "Operating monies" means those treasury monies the interest from which is paid to the state general fund.

3. "Permanent endowment funds" means those funds or any part of a fund, established by law, to retain trust monies, not wholly expendable by the beneficiary on a current basis.

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

5. "Trust monies" means treasury monies, other than operating monies, that are entrusted to the state treasurer for preservation and investment.
A.R.S. § 35-125 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 125
35-125 Revenue and expenditure estimates; three-year plan; public hearing
Status: in_force

35-125. Revenue and expenditure estimates; three-year plan; public hearing

The general appropriation act shall include a provision that delineates the revenue and expenditure estimates for the following three years.  The expenditure estimates shall be based on existing statutory funding requirements.  Before the adoption of the general appropriation act, the legislature shall discuss the estimates in a public hearing.
A.R.S. § 35-141 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 141
35-141 General fund; payment of salaries and expenses
Status: in_force

35-141. General fund; payment of salaries and expenses

The general fund consists of all money received into the state treasury except money designated by law for other statutory funds. Salaries of state officers, salaries of deputies, assistants, clerks and employees, and expenses incident to the offices thereof, shall be paid from the general fund or the respective fund indicated when and as authorized in the general appropriation act or any other appropriation enacted by the legislature.
A.R.S. § 35-492 — Arizona Code / Title 35 / Chapter 3 / Article 5 / Section 492
35-492 Reregistration or cancellation of registry of bond
Status: in_force

35-492. Reregistration or cancellation of registry of bond

A. The registered holder of a bond may, either in person or by a bank or trust company authorized to do business in this state, present the bond to the registrar with a written request endorsed on the bond that the bond be registered in the name of another person or that the registry be canceled and the bond be again made payable to bearer. Upon such request the registrar shall cancel the former registration and register the bond in the name of the person designated in the request and shall endorse upon the bond a certificate as required of an original registration. If the bond may be and the owner requests that it be made payable to bearer, the registration shall be canceled and the certificate upon the bond shall declare that the bond is payable to bearer. The registrar shall keep a record thereof in a book provided for that purpose.

B. The proceedings pertaining to the issuance of any bond may prohibit its issuance or registration in bearer form.
A.R.S. § 35-392 — Arizona Code / Title 35 / Chapter 2 / Article 8 / Section 392
35-392 State treasurer and retirement system divestments; policy notices
Status: in_force

35-392. State treasurer and retirement system divestments; policy notices

A. The state board of investment, the Arizona state retirement system board and the board of trustees of the public safety personnel retirement system shall each adopt a policy, and submit a copy of the policy to the president of the senate and the speaker of the house of representatives, regarding the countries identified as those countries currently designated by the United States department of state as state sponsors of terrorism.  The policy shall include:

1. The procedure to identify United States companies that are in violation of section 6(j) of the export administration act.

2. The process for communicating with the companies and appropriate federal officials, including this state's congressional delegation, in regard to its findings pursuant to this section.

3. The process for divestment from the companies that are identified pursuant to paragraph 1.

B. The state treasurer, the Arizona state retirement system board and the board of trustees of the public safety personnel retirement system shall divest from those companies, based on public information, identified pursuant to subsection A, paragraph 1.

C. The state treasurer, the Arizona state retirement system board and the board of trustees of the public safety personnel retirement system shall notify the governor, the president of the senate, the speaker of the house of representatives, the director of the department of administration and each other of any divestments and the reasons for the divestments.

D. Within fourteen days after receipt of the notice pursuant to subsection C, the director of the department of administration shall send notice to the company indicating that this state and its political subdivisions are prohibited from purchasing any product or service from the company until the company is no longer identified pursuant to subsection A, paragraph 1.

E. The prohibition in subsection D does not apply to any existing contract but does apply to any renewal of a contract.

F. This section applies to all affiliated companies and subsidiaries of the company.
A.R.S. § 35-512 — Arizona Code / Title 35 / Chapter 3 / Article 7 / Section 512
35-512 Authority to comply with federal income tax laws
Status: in_force

35-512. Authority to comply with federal income tax laws

A. The governing body of any department, agency, instrumentality of this state or any political subdivision may make any covenant, order any rebate, file any tax return, report any information and order the limitation on the yield of any investment made with the proceeds from the sale of its bonds or with taxes, revenues or other income pledged, held in trust or otherwise used to pay principal, interest and premium, if any, on its bonds in consideration for any federal tax benefits, payments or credits relating to a bond issued under any provision of law, including federal tax credits, federal subsidy payments and retention of the exemption from federal income taxes for the interest income on a bond issued.

B. To induce prospective purchasers to purchase bonds, the governing body of any department, agency or instrumentality of this state or any political subdivision may provide in any resolution, ordinance, indenture or contract authorizing or providing for the issuance of bonds, or in the bonds themselves, that in the event the interest on such bonds is declared to be subject to federal income taxation in a final decision of a court having jurisdiction in the matter and on such additional conditions as the governing body may prescribe, the interest rate, including prior interest paid if applicable, may increase to a predetermined rate. The predetermined rate may be calculated in any manner. This subsection shall not be construed to allow interest rates to increase above the maximum rate that otherwise may be provided by law, election or contractual agreement.
A.R.S. § 35-181.01 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 181.01
35-181.01 Presentation, approval and payment of claims and payrolls; amended claims
Status: in_force

35-181.01. Presentation, approval and payment of claims and payrolls; amended claims

A. All claims against the state for obligations authorized, required or permitted to be incurred by any state officer or agency shall be paid in accordance with procedures prescribed by the director of the department of administration. The director may prescribe procedures for prepayment for goods or services if it is the industry standard or if it is in the best interests of this state to prepay.

B. Any claim made and approved contrary to subsection A of this section, in the absence of fraud or bad faith on the part of the claimant or disbursing officer, may be amended at any time during the fiscal year in which it was originally submitted to conform to the requirements of subsection A of this section and upon amendment such claim shall be exempt from the provisions of section 35-211.

C. Any public funds paid or received pursuant to law, in the absence of fraud or bad faith in the disbursement or receipt of such funds prior to such law being declared unconstitutional by the supreme court of the state of Arizona, shall be exempt from the provisions of section 35-211.
A.R.S. § 35-467.05 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467.05
35-467.05 Investment of note proceeds; period of investment covenants
Status: in_force

35-467.05. Investment of note proceeds; period of investment covenants

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

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

2. Bonds or other evidences of indebtedness of this state, counties, cities, towns or school districts.

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 those covered by federal insurance must 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. The local government pooled investment fund established pursuant to section 35-326.

5. 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.
A.R.S. § 35-505 — Arizona Code / Title 35 / Chapter 3 / Article 6 / Section 505
35-505 Exemption; industrial development
Status: in_force

35-505. Exemption; industrial development

This article does not apply to corporations formed pursuant to chapters 5 and 6 of this title.
A.R.S. § 35-455 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 455
35-455 Issuance and sale of bonds; call for election
Status: in_force

35-455. Issuance and sale of bonds; call for election

A. When the political subdivision designated in this article desires to issue bonds or other evidences of indebtedness, the governing body or board thereof, with the assent of a majority of the qualified electors therein voting at the election held as provided by section 35-454, may issue and sell bonds in the amount authorized at the election.

B. The call for the election shall set forth the aggregate amount of the bonds, the maximum rate of interest to be paid thereon, the minimum and maximum number of years bonds of any issue or series may run from their date, the purposes for which the money derived from the sale of the bonds will be expended, the current outstanding general obligation debt and the constitutional debt limitation of the political subdivision.

C. Bonds of any issue or series of bonds voted under this section may run for any number of years not exceeding the longest period permitted by the voted proposition.

D. The governing body or board may expend the monies received from the sale of the bonds only for the purposes stated in the ballot and for the necessary costs and expenses of the issuance and sale of the bonds. If an unexpended balance remains after satisfying the purposes of the bonds, the balance shall be used to retire the bonded indebtedness.
A.R.S. § 35-515 — Arizona Code / Title 35 / Chapter 3 / Article 7 / Section 515
35-515 Rebate reporting; state agencies
Status: in_force

35-515. Rebate reporting; state agencies

A. The state treasurer shall report to the United States government any rebate resulting from bonds issued by any state agency. The state treasurer may contract with professional consultants deemed necessary by the state treasurer in order to comply with the provisions of this section. The state treasurer may charge any costs associated with this section proportionally among the state agencies for which reports are made. Rebate reporting by the state treasurer does not relieve the state agency from the responsibility for any payment of any rebate that may become due.

B. State agencies shall deliver to the state treasurer in a timely manner all information required by the state treasurer to comply with rebate reporting requirements. Such information shall include official statements, certificates of rebate, certificates of yield, investment accounting documentation, amortization schedules and contract documents.

C. The state treasurer shall make rebate payments on behalf of the agency as required. The rebate payment and any charges incurred pursuant to subsection A shall be transferred from the account of the state agency to the state treasurer for such payments.

D. This section shall apply to the Arizona board of regents and the institutions under the jurisdiction of the board upon the approval of the board of regents.
A.R.S. § 35-468.02 — Arizona Code / Title 35 / Chapter 3 / Article 3.4 / Section 468.02
35-468.02 Issuance of bonds
Status: in_force

35-468.02. Issuance of bonds

A. The governing body of the political subdivision shall authorize and issue the bonds, except that the board of supervisors of the county where a school district is located, or the larger portion of a school district, if the district is located in more than one county, shall act as the governing body of the school district solely for the purpose of selling, authorizing and issuing bonds of the school district. The bonds are fully negotiable within the meaning and for all purposes provided by title 47.

B. The bonds may be issued in one or more series, bear such dates, be payable in such medium of payment and at such places, bear such rates of interest, including variable rates, carry such registration privileges and prior redemption provisions, be executed in such manner, contain such other terms, covenants and conditions and be in such form as the governing body of the political subdivision may prescribe. The bonds shall be sold at, above or below par in such manner as the governing body may determine.

C. The portion of the principal of the bonds payable from water transportation revenues shall not be construed to be a debt of the political subdivision.
A.R.S. § 35-706 — Arizona Code / Title 35 / Chapter 5 / Article 1 / Section 706
35-706 Corporate powers
Status: reserved

35-706. Corporate powers

A. In addition to the powers granted to an industrial development authority by law, the authority has the following powers, together with all powers incidental or necessary for the performance of those powers:

1. To acquire, whether by purchase, exchange, gift, lease or otherwise establish, construct, improve, maintain, equip and furnish one or more projects.

2. To lease to others any or all of its projects, to charge and collect rent and to terminate any lease on the failure of the lessee to comply with any of the obligations of the lease.

3. To sell, exchange, donate and convey to others any or all of its projects or properties on terms and conditions as its board of directors may deem advisable, including the power to receive for any sale the note or notes of the purchaser of the project or property, whenever its board of directors finds the action to further advance the interest of the corporation.

4. To issue its bonds for the purpose of carrying out any of its powers.

5. To mortgage and pledge any or all of its projects and properties, whether owned or acquired, and to pledge the revenues, proceeds and receipts or any portion of the revenues, proceeds and receipts from a project as security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith.

6. To contract with and employ others to provide and to pay compensation for professional services and other services as the board of directors deems necessary for the financing of projects and for the business of the corporation.

7. To refund outstanding obligations incurred by an enterprise to finance the cost of a project when the board of directors finds that the refinancing is in the public interest.

8. To invest and reinvest funds under the control of the corporation and bond proceeds pending application thereof to the purposes for which the bonds were issued, subject only to the provisions of any bond resolution, lease or other agreement entered into by the board of directors.

9. To make secured or unsecured loans for the purpose of financing or refinancing the acquisition, construction, improvement, equipping or operating of a project and to charge and collect interest on the loans and pledge the proceeds of loan agreements as security for the payment of the principal and interest of any bonds, or designated issues of bonds, issued by the corporation, and any agreements made in connection with the loan, whenever the board of directors finds the loans to further advance the interest of the corporation or the public.

10. To acquire and hold obligations of any kind to carry out any of its purposes.

11. Subject to this section, to make loans to any bank, savings and loan institution, credit union or other mortgage lender, whether organized or existing under the laws of this state, another state or the United States, that is qualified to do business in this state, for the purpose of enabling the institutions to make loans to finance the acquisition, construction, improvement or equipping of projects that are owner-occupied single family dwelling units to be occupied by persons of low and moderate income, as determined by the corporation. The loans shall be fully secured in the same manner as deposits of public funds or by loans secured by mortgages, deeds of trust or other security instruments guaranteed or insured by the United States, or any instrumentality thereof, or by any private mortgage insurance or surety company that is approved by the federal home loan mortgage corporation or the federal national mortgage association and that is licensed to do business in this state, if the private mortgage insurance shall be in a dollar amount sufficient to satisfy the mortgage insurance requirements for loans eligible to be purchased by the federal home loan mortgage corporation or the federal national mortgage association or any other agency or department of the United States. The security shall not be necessary if the bonds issued to make the loans are guaranteed or insured by an agency, department or instrumentality of the United States. Any bonds issued to make loans shall be ratable as "A" or better by a nationally recognized bond rating agency.

12. Subject to this section, to purchase or enter into advance commitments to purchase loans or any loan interests secured by mortgages, deeds of trust or other security instruments relating to projects that are owner-occupied single family dwelling units from or with any bank, savings and loan institution, credit union or other mortgage lender, whether organized or existing under the laws of this state, another state or the United States, that is qualified to do business in this state, on terms and conditions as may be determined by the corporation. The purpose of the purchases shall be to finance directly or indirectly the acquisition, construction, improvement or equipping of projects that are owner-occupied single family dwelling units to be occupied by persons of low and moderate income. If the bonds issued to make purchases are not guaranteed or insured by an agency, department or instrumentality of the United States or secured by a letter of credit, insurance policy, surety bond or other credit facility from a financial institution or a combination of such instruments, the purchased loans shall be guaranteed or insured by the United States or any agency, department, or instrumentality thereof, or by any private mortgage insurance or surety company that is approved by the federal home loan mortgage corporation or the federal national mortgage association or secured by a letter of credit, insurance policy, surety bond or other credit facility from a financial institution or a combination of such instruments. In the case of private mortgage insurance, the insurance shall be in a dollar amount sufficient to satisfy the mortgage insurance requirements for loans eligible to be purchased by the federal home loan mortgage corporation or the federal national mortgage association or any other agency or department of the United States. Any bonds issued to purchase loans shall be ratable as "A" or better by a nationally recognized bond rating agency. If the purchased loans have not been originated on behalf of the corporation to directly finance projects, the corporation shall require that the institution receiving proceeds from the sale of the loans use the proceeds to make loans to finance or refinance the acquisition, construction, improvement or equipping of projects that are owner-occupied single family dwelling units to be occupied by persons of low and moderate income, as determined by the corporation.

13. To elect not to issue an amount of qualified mortgage revenue bonds which it may otherwise issue during any calendar year and to issue instead mortgage credit certificates pursuant to a qualified mortgage credit certificate program as defined in section 35-901.

14. To make loans to any person or entity owning residential property or to make loans to any bank, savings and loan association, credit union or other mortgage lender, or to purchase or enter into advance commitments to purchase funding for the repair or improvement of property related to residential or neighborhood improvement projects. An authority may issue its bonds or incur other obligations to fund loans or purchases. An authority shall establish the provisions relating to bonds or other obligations, including the security for the loans, and shall establish the guidelines for the approval, funding, purchasing and security of the loans.

15. To enter into contracts and execute any agreements or instrument and do any other act necessary or appropriate to carry out its purposes.

16. To exercise the powers granted by this chapter, including through the issuance of bonds, to provide financing or refinancing for projects other than a project as defined in section 35-701, paragraph 7, subdivision (a), item (ii), located in whole or in part outside this state, provided that the board of directors of the corporation has determined that the exercise of such powers will provide a benefit within this state.

B. The corporation shall not have the power to operate any project as a business other than as lessor or seller nor shall any corporation make any loans pursuant to subsection A, paragraph 9 of this section for projects that are owner-occupied single family dwelling units except by utilizing as its contract agent a mortgage lender, whether organized or existing under the laws of this state, another state or the United States, that is qualified to do business in this state. Any project established pursuant to subsection A, paragraph 14 of this section is not required to use a mortgage lender as its contract agent. The corporation shall not permit any funds derived from the sale of its bonds to be used, loaned or provided for the acquisition of any facilities of a public utility or public service corporation, except as provided in section 35-701. The corporation shall comply with title 38, chapter 3, article 3.1.

C. A person's or family's eligibility for an owner-occupied single family dwelling unit financed pursuant to subsection A, paragraph 11, 12 or 13 of this section shall be determined by considering the person's or family's income. Owner-occupied single family dwelling units shall only be financed as provided in subsection A, paragraphs 11, 12 and 13 of this section unless the owner-occupied single family dwelling units are located in an area designated pursuant to section 36-1479 as a slum or blighted area as defined in section 36-1471 by a municipality having a population of more than two hundred fifty thousand persons according to the most recent United States decennial census or a special census conducted in accordance with section 42-5033.

D. In the exercise of its powers authorized in this section with respect to projects that are owner-occupied single family dwelling units to be occupied by persons of low and moderate income and financed pursuant to subsection A, paragraphs 11 and 12 of this section, the corporation shall establish, subject to approval by the governing body of the authorizing county or municipality, standards and requirements applicable to the purchase of loans or the making of loans to mortgage lenders, including:

1. The eligibility of mortgage lenders, including the requirement that all mortgage lenders be approved as mortgagees by the federal housing administration and the United States department of veterans affairs and be approved as sellers and servicers of mortgage loans by the federal national mortgage association or federal home loan mortgage corporation.

2. The time within which mortgage lenders must make commitments and disbursements for mortgage loans.

3. The character of residences to be financed by mortgage loans.

4. The eligibility of persons of low and moderate income, including the requirement that no person of low and moderate income may receive, more than once in a three year period, a mortgage loan financed directly or indirectly from the proceeds of bonds issued by the corporation.

5. The terms and conditions of mortgage loans to be acquired.

6. The amounts and types of insurance coverage required on residences, mortgages and bonds.

7. The representations and warranties of mortgage lenders confirming compliance with the standards and requirements.

8. Restrictions as to interest rate and other terms of mortgage loans and the return realized on mortgage loans by mortgage lenders.

9. The type and amount of collateral security to be provided to assure repayment of any loans from the corporation and to assure repayment of bonds.

10. Assignment of the mortgage loans to a trustee acting on behalf of the corporation which shall be either a bank or trust company doing business in this state, having an officially reported combined capital surplus, undivided profits and reserves of not less than fifteen million dollars. Trustees must be approved to sell mortgages to and service mortgages for the federal national mortgage association and the federal home loan mortgage corporation.

11. Any other matters related to the purchase of mortgage loans or the making of loans to mortgage lenders deemed relevant by the corporation.  In establishing standards and requirements, the corporation shall be guided by the following standards:

(a) The amount of mortgage monies proposed to be made available in the area is to be reasonably related to the demand for mortgage monies.

(b) For projects of owner-occupied single family dwelling units to be occupied by persons of low and moderate income and financed pursuant to subsection A, paragraphs 11 and 12 of this section, at least ten percent of all mortgage monies proposed to be made available by the corporations other than mortgage monies reserved for any period to finance mortgage loans on residences located within an area designated as a slum or blighted area as defined in section 36-1471 shall be reserved for at least a three month period for the financing of mortgage loans on manufactured housing unless the Arizona commerce authority determines that any bonds issued to make loans will not be ratable as "A" or better by a nationally recognized bond rating agency, in which case no such reservation is required. If all the mortgage monies reserved for manufactured housing are not committed or used to make mortgage loans during this three month period, the mortgage lender may allocate the remaining monies to finance mortgage loans on any single family dwelling unit.

(c) Any departure from the level of commitment fees, origination fees or servicing fees normally charged by a mortgage lender is to be justified in the context of the transaction.

(d) The costs, fees and expenditures associated with the issuance of bonds are to be reasonably related to the services provided.

E. Only corporations, the formations of which have been approved by the governing body of a county having a population of more than seven percent of the total state population computed according to the most recent United States decennial census or by the governing body of a municipality having a population of more than seven percent of the total state population computed according to the most recent United States decennial census, shall have the powers granted in subsection A, paragraphs 11, 12 and 13 of this section.  Except as provided in section 35-913, subsections E and F, a corporation shall not exercise the powers granted in subsection A, paragraphs 11, 12 and 13 of this section outside of its jurisdiction. For the purposes of a refunding of any mortgage revenue bond issued before January 1, 2000, the proceeds from the refunding may be used outside the jurisdiction of the corporation issuing the refunding bonds except the corporation issuing the refunding bonds shall obtain the consent from another corporation with powers granted in subsection A, paragraphs 11, 12 and 13 of this section if the proceeds of the refunding are to be used within the jurisdiction of that corporation. For the purposes of exercising the powers granted in subsection A, paragraphs 11, 12 and 13 of this section, the jurisdiction of a corporation formed on behalf of a county includes all incorporated and unincorporated territory in the county.

F. A corporation may not permit proceeds of bonds or a qualified mortgage credit certificate program to be used to finance projects that are owner-occupied single family dwelling units within the corporate limits of an incorporated city or town unless the governing body of the city or town has approved the general location and character of the residences to be financed. The corporation, prior to the issuance of bonds or mortgage credit certificates for that purpose, shall give written notice to the governing body of each city or town 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 or town shall be deemed to have given its approval unless it has denied approval by formal action of the governing body within twenty-one days after receiving the written notice from the corporation. 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 or town and approval may be given thereafter if the corporation issuing the bonds or mortgage credit certificates approves the withdrawal of the denial.

G. Two or more corporations with the powers granted by subsection E of this section may provide:

1. That a corporation, the formation of which was approved by the governing body of a county or city, may exercise the powers granted in subsection A, paragraphs 11, 12 and 13 of this section, with respect to owner-occupied single family dwelling units located in all counties and cities that are parties to a cooperative agreement.

2. For the joint exercise by two or more corporations, each formed with the approval of a governing body executing the cooperative agreement, of the powers granted in subsection A, paragraphs 11, 12 and 13 of this section, with respect to owner-occupied single family dwelling units located in all counties and cities that are parties to the cooperative agreement.  The agreement shall specify the calendar year or years for which it is effective, the means by which the agreement may be terminated prior to the expiration of the calendar year or years and the aggregate principal amount of bonds that may be issued by the designated corporation or corporations to exercise the powers pursuant to the agreement. The corporation or corporations designated in the agreement to exercise the powers in the counties and cities that are parties to the agreement are the only corporation or corporations authorized and having jurisdiction to exercise the powers and to issue bonds to carry out the powers in the counties and cities while the agreement is in effect. The combined jurisdictions of all the counties and cities that are parties to the cooperative agreement are the jurisdictions of the corporation or corporations designated to exercise the powers granted in subsection A, paragraphs 11, 12 and 13 of this section within the meaning of the mortgage subsidy bond tax act of 1980 (P.L. 96-499; 26 United States Code section 103A).

H. It shall not be a conflict of interest under title 38, chapter 3, article 8, and this chapter, for any trustee or any mortgage lender to enter into loan agreements with, or to sell mortgage loans to, the corporation as contemplated in subsection A, paragraphs 11, 12 and 13 of this section, act for or under contract with the corporation as a mortgage originator, servicer, paying agent or depository, act as holder or dealer of bonds of the corporation or have as a director, officer or employee any member of the board of directors of the corporation or any combination.

I. The department of economic security shall once in each calendar year on or before March 1 determine the median family income of this state for the purposes of this chapter.

J. All areas in this state that are either designated pursuant to section 36-1479 as slum or blighted areas as defined in section 36-1471 or designated as pockets of poverty by the United States department of housing and urban development are designated as areas of chronic economic distress within the meaning of the mortgage subsidy bond tax act of 1980 (P.L. 96-499; 26 United States Code section 103A).

K. Any corporation that is described in subsection E of this section and that desires to exercise the powers granted in subsection A, paragraphs 11, 12 and 13 of this section, with respect to owner-occupied single family dwelling units located in two or more counties, may do so if the corporation, before issuing bonds or mortgage credit certificates for that purpose, gives written notice to the governing bodies of the other counties and their respective corporations, if any, of its intent to permit the proceeds of an issue of bonds or mortgage credit certificates to finance projects within its jurisdiction that are owner-occupied single family dwelling units. The governing body of a county and its respective corporation, if any, that have been given notice are deemed to have approved the use of the proceeds or mortgage credit certificates for owner-occupied single family dwelling units within their jurisdiction and approved the use of any state ceiling, as defined in section 35-901, unless approval is denied by formal action of the governing body or the board of directors of the corporation, if any, within twenty-one days after receiving written notice from the corporation. Absent a denial of approval as stated in this subsection, a cooperative agreement providing for the exercise of the powers granted in subsection A, paragraphs 11, 12 and 13 of this section is deemed to exist among the applicable counties or corporations. Approvals given or deemed to have been given with respect to the matters stated in this subsection may not be withdrawn. Denials by the governing body of a county apply only to the unincorporated areas of the county. Denials may be withdrawn by the governing body of a county and approval may be given thereafter if the corporation issuing the bonds or mortgage credit certificates approves the withdrawal of the denial. Mortgage credit certificates and bond proceeds issued pursuant to this subsection shall be available on an equitable basis within each of the participating counties.

L. The corporation within thirty days shall upon actual notice notify the governing body of:

1. Any lawsuit filed against the corporation related to the issuance of bonds.

2. Any formal investigation of the corporation initiated by the United States securities and exchange commission.
A.R.S. § 35-1201 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1201
35-1201 Definitions
Status: in_force

35-1201. Definitions

In this chapter, unless the context otherwise requires:

1. "Administrator" means the statewide collateral pool administrator.

2. "Default or insolvency" includes the failure or refusal of any eligible depository to return any public deposit on demand or at maturity and the issuance of an order of supervisory authority restraining that depository from making payments of deposit liabilities or the appointment of a receiver for that depository.

3. "Defaulting depository" means any eligible depository determined to be in default or insolvent.

4. "Eligible collateral" means any collateral that is authorized pursuant to section 35-323.

5. "Eligible depository" has the same meaning prescribed in section 35-321.

6. "Public deposit":

(a) Means public monies deposited in an eligible depository pursuant to this chapter.

(b) Does not include monies that have been collateralized pursuant to regulations adopted by the United States department of housing and urban development.

7. "Public depositor":

(a) Means this state or any county, city, town or other political subdivision of this state, including any commission, institution, committee, board or officer and any state court.

(b) Does not include a charter school, a Native American tribe or tribal entity, a federal agency or a housing authority, provided that the housing authority deposits are secured in accordance with regulations or guidelines of the United States department of housing and urban development.

8. "Public monies" means monies belonging to or received or held by officers of public depositors in their official capacity.

9. "Qualified escrow agent" means any bank or trust company that is qualified to hold collateral pledged to secure public deposits pursuant to section 35-1208.

10. "Required collateral" means the amount of eligible collateral required for an eligible depository to secure public deposits set by the policies and procedures of the administrator.
A.R.S. § 35-213 — Arizona Code / Title 35 / Chapter 1 / Article 6 / Section 213
35-213 Failure of attorney general to bring action; action by taxpayer; bond; amount of recovery and attorney fees
Status: in_force

35-213. Failure of attorney general to bring action; action by taxpayer; bond; amount of recovery and attorney fees

A. An action to recover illegally paid public monies pursuant to section 35-212, subsection B, paragraph 1 or 3 may be brought only by the attorney general.

B. A taxpayer of this state may request, in writing, the attorney general to institute an action pursuant to section 35-212. A request made regarding a political subdivision may be made only by a taxpayer of the political subdivision that is the subject of the request.  A request made regarding a county may only be submitted twenty-one days after a request is made to the county attorney pursuant to section 11-642.  If, for sixty days after the request made by the taxpayer in writing, the attorney general fails to institute an action as provided in section 35-212, the taxpayer who made the request may institute the action pursuant to section 35-212, subsection A or subsection B, paragraph 2 in the taxpayer's own name and at the taxpayer's own cost with the same effect as if brought by the attorney general.

C. The person instituting the action shall execute a bond payable to the defendant in the action, conditioned that the plaintiff will prosecute the action with diligence and finality and will pay all damages sustained by the defendant by reason of the action and all costs incurred in the action, including attorney fees awarded to the defendant.

D. The court may award the prevailing party costs and reasonable  attorney fees, not to exceed forty percent of the amount sought to be recovered or saved to the state or political subdivision.
A.R.S. § 35-754 — Arizona Code / Title 35 / Chapter 5 / Article 4 / Section 754
35-754 Chapter cumulative; no notice required
Status: in_force

35-754. Chapter cumulative; no notice required

Neither this chapter nor anything herein contained shall 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 organization of the corporation or the issuance of any bonds or any instrument as security therefor, except as is 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 power thereover of any official or agency of the state and its governmental subdivisions which may be otherwise provided by law.
A.R.S. § 35-821 — Arizona Code / Title 35 / Chapter 6 / Article 2 / Section 821
35-821 Bonds of the corporation
Status: in_force

35-821. Bonds of the corporation

A. All principal and interest of bonds issued by the corporation shall be payable solely out of the revenues and receipts derived from the corporation's sale of property, loan repayments or lease rentals, or out of the proceeds of bonds issued hereunder, as shall be specified in the proceedings of the board of directors by which issuance of bonds shall have been authorized.

B. The proceedings by which bonds are to be issued shall require approval of the board of directors and the governing body of each issuance of bonds.

C. The bonds prescribed by subsection A may:

1. Be executed and delivered by the corporation at any time and from time to time.

2. Be in any form, denomination, tenor and maturity.

3. Be in registered or bearer form either as to principal or interest or both.

4. Be payable in any installments and at any time or times not exceeding sixty years from the date thereof.

5. Bear interest at any rate or rates and be payable at any time or times and at any place or places within or without the state of Arizona.

6. Be executed by such officers of the corporation and in such manner, and contain such provisions, not inconsistent herewith, as shall be provided in the proceedings of the board of directors authorizing the bonds to be issued, and in case an officer signing the bonds or coupons shall cease to be an officer of the corporation before the delivery of such bonds, such signature shall, nevertheless, be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery.

D. If deemed advisable by the board of directors, there may be retained in the proceedings under which any bonds of the corporation are authorized to be issued an option to redeem all or any part thereof, at such time or times, as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings, but nothing in this article shall be construed to confer on the corporation any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued.

E. Any bonds of the corporation may be sold at public or private sale in such manner and from time to time as may be determined by the board of directors of the corporation to be most advantageous, and the corporation may pay all expenses, premiums and commissions which its board of directors may deem necessary or advantageous in connection with the issuance thereof. Issuance by the corporation of any one or more series of bonds for one or more purposes shall not preclude it from issuing other bonds in connection with the same purpose or any other purpose, but the proceedings authorizing the issuance of any subsequent bonds shall recognize and protect any prior pledge or mortgage made to secure any prior issue of bonds. Any bonds of the corporation at any time outstanding may, if permitted by the conditions of issuance, be refunded at any time and from time to time by the issuance of refunding bonds in such amount as the board of directors may deem necessary but not exceeding any amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereof and any premiums and commissions necessary to be paid in connection therewith. The provisions of subsections A, B and D shall apply to all such bonds. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded or by the exchange of the refunding bonds for the bonds to be refunded thereby with the consent of the holders of the bonds so to be refunded, regardless of whether the bonds proposed to be refunded shall be payable at the same date or different dates or shall be due serially or otherwise. All such bonds and the interest coupons applicable thereto are hereby made and shall be construed to be negotiable instruments.

F. The corporation may notify the attorney general of this state of its intent to issue bonds. The attorney general shall within ten days of the receipt of any such notice issue an opinion as to whether such issue is in conformity with the provisions of this chapter.

G. No action shall be brought questioning the legality of any contract, lease, mortgage, proceedings or the issuance of bonds hereunder from and after three months from the date the bonds are authorized to be issued by the board of directors.
A.R.S. § 35-315 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 315
35-315 Servicing banks; qualifications; proposals; definitions
Status: in_force

35-315. Servicing banks; qualifications; proposals; definitions

A. Any bank that is eligible to become an eligible depository having a total capital structure of $10,000,000 or more and assets of $100,000,000 or more and that is otherwise in a sound condition is eligible to be the servicing bank for the state.

B. The state board of investment shall provide for public notice to the banks qualified to be a servicing bank of the time and place at which servicing proposals will be received. Requests for proposals shall clearly specify all services required to be performed by the servicing bank. The servicing proposal submitted shall be the compensation for which the qualified bank will agree to perform the required services as a servicing bank for the ensuing period of designation as established by the board of investment. The award shall be made for a period of not more than five years and may be paid from state general fund interest earnings according to rules adopted by the board of investment.

C. The state treasurer shall receive the servicing proposals in writing. Only those proposals that conform to the specifications set forth in the request for proposals shall be considered. The qualified bank submitting the proposal with the highest value to this state, as determined by the state treasurer and the board of investment, shall be designated as the servicing bank. Designations shall be evidenced by the signing of the final proposal by the state treasurer, the board of investment and the designee bank. The state treasurer may maintain a bank account in conjunction with the servicing bank account, which must always have on deposit a sum of money approximating the average dollar value of daily warrants paid by the bank the previous month.

D. The state treasurer may request and qualified banks may submit proposals for any or all of the services required. The state treasurer may specify differing contract periods for any of the services required.

E. The state treasurer or servicing bank may terminate a servicing bank contract at any time after sixty days' prior written notice is given.

F. In addition to the services required of the servicing bank, the state treasurer shall contract for all other financial services required by any state agency.  A state agency shall not contract for financial services except with the written permission of the state treasurer.

G. This section does not require the state treasurer to use a servicing bank.

H. This section or the specifications set forth in the request for proposals do not require the servicing bank to purchase warrants.

I. Deposits and withdrawals of monies shall be made by the state treasurer on the servicing bank.

J. A merchant servicer or payment service provider may provide payment processing and gateway services.

K. For the purposes of this section:

1. "Financial services" means banking and merchant services provided by a bank, credit union, financial institution, financial services company or financial technology company and includes:

(a) Establishing bank accounts.

(b) Depository services.

(c) Electronic payment services.

(d) Providing merchant card equipment.

(e) Payment processing and gateway services.

2. "Payment processing and gateway services" means a payment gateway that facilitates a payment transaction by transferring information between a payment portal, including a website, mobile phone or interactive voice response service, and the front-end processor or acquiring bank.
A.R.S. § 35-721 — Arizona Code / Title 35 / Chapter 5 / Article 2 / Section 721
35-721 Bonds of the corporation
Status: in_force

35-721. Bonds of the corporation

A. All principal and interest of bonds issued by the corporation shall be payable solely out of the revenues, proceeds and receipts derived from the corporation's sale of property, loan repayments or lease rentals, or out of the proceeds of bonds issued hereunder, or of any revenues, proceeds and receipts thereof as shall be specified in the proceedings of the board of directors under which the bonds shall be authorized to be issued.

B. The proceedings under which such bonds are to be issued shall require the approval of the governing body of each issuance of bonds.

C. The bonds prescribed by subsection A of this section may:

1. Be executed and delivered by the corporation at any time and from time to time.

2. Be in such form and denominations and of such tenor and maturities.

3. Be in registered or bearer form either as to principal or interest or both.

4. Be payable in such installments and at such time or times not exceeding forty years from the date thereof.

5. Be payable at such place or places within or without this state.

6. Bear interest at such rate or rates, payable at such time or times and at such place or places and evidenced in such manner.

7. Be executed by such officers of the corporation and in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided in the proceedings of the board of directors whereunder the bonds are authorized to be issued.

D. If deemed advisable by the board of directors, there may be retained in the proceedings under which any bonds of the corporation are authorized to be issued an option to redeem all or any part thereof as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and as may be briefly recited on the face of the bonds, but nothing in this article shall be construed to confer on the corporation any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued.

E. Any bonds of the corporation may be sold at public or private sale in such manner and from time to time as may be determined by the board of directors of the corporation to be most advantageous, and the corporation may pay all expenses, premiums and commissions which its board of directors may deem necessary or advantageous in connection with the issuance thereof. Issuance by the corporation of one or more series of bonds for one or more purposes shall not preclude it from issuing other bonds in connection with the same project or any other project, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds.  Any bonds of the corporation at any time outstanding may at any time and from time to time be refunded by the corporation by the issuance of its refunding bonds in such amount as the board of directors may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any premiums and commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby, or by the exchange of the refunding bonds for the bonds to be refunded thereby with the consent of the holders of the bonds so to be refunded, and regardless of whether or not the bonds to be refunded were issued in connection with the same projects or separate projects, and regardless of whether or not the bonds proposed to be refunded shall be payable at the same date or different dates or shall be due serially or otherwise. All such bonds and the interest coupons applicable thereto are hereby made and shall be construed to be negotiable instruments.

F. Unless the corporation was approved by the Arizona finance authority, the corporation shall notify the attorney general of its intention to issue bonds. Such notification shall adequately describe the project.  The attorney general shall inform the corporation within ten days if in the attorney general's opinion the project sought to be financed does not come within the purview of this chapter.  If after ten days the attorney general has not issued an opinion that the project does not so conform, the corporation may issue such bonds.  If the attorney general's negative opinion is issued within ten days, such bonds shall not be issued.  Action shall not be brought questioning the legality of any contract, lease, mortgage, proceedings or the issuance of bonds hereunder from and after ninety calendar days after the date the bonds are authorized to be issued by the governing body.
A.R.S. § 35-192 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 192
35-192 Authorization for declaration of disaster; authorization for liabilities and expenses; priorities and limitations; review and report of expenditures
Status: in_force

35-192. Authorization for declaration of disaster; authorization for liabilities and expenses; priorities and limitations; review and report of expenditures

(L21, Ch. 405, sec. 9)

A. The governor may declare an emergency arising from major disasters as provided in this section and incur liabilities therefor, regardless of whether or not the legislature is in session.

B. When the governor, or the director of the division of emergency management in the department of emergency and military affairs pursuant to section 26-303, subsection J, determines that a contingency or disaster so justifies, and declares an emergency, specific liabilities and expenses provided for in this section are authorized to be incurred against and to be paid as claims against the state from unrestricted monies from the general fund to mitigate and meet contingencies and emergencies arising from:

1. Invasions, hostile attacks, riots or insurrections.

2. Epidemics of disease or plagues of insects.

3. Floods or floodwaters.

4. Acts of God or any major disaster.

5. Wildland fires, but only after all necessary authorizations under section 37-1305 are exhausted.

C. When authorized by the governor, specific liabilities and expenses provided for in this section may be incurred against and may be paid as claims against the state from unrestricted monies from the general fund to meet contingencies and emergencies arising from incidents relating to hazardous materials as defined in section 26-301 and search or rescue operations conducted pursuant to section 11-251.02, section 11-441, subsection C or section 26-306 subject to the limitations provided in section 35-192.01.  Within ninety days after monies are awarded under this section, the department of emergency and military affairs shall post in a prominent location on the department's official website the amount of monies awarded under this section, who received the monies and how the monies were spent.

D. Liabilities and expenses authorized under subsection B of this section may be incurred for any of the emergencies or contingencies prescribed in subsection B of this section in the following order of priority:

1. Reimbursement for expenses incurred to combat a menace to the health, lives or property of any considerable number of persons of the state, or to property of the state or its political subdivisions.

2. Reimbursement for expenses incurred to repair damage to any property of the state.

3. Reimbursement for expenses incurred to repair damage to any property of the political subdivisions of the state.

4. Reimbursement for expenses incurred in search or rescue operations.

5. Reimbursement for expenses incurred in emergency or disaster recovery activities or in matching federal disaster recovery programs.

6. Reimbursement for expenses for property loss mitigation measures or to match federal property loss mitigation programs.

E. The auditor of the department of emergency and military affairs shall review liabilities incurred and expenditures made under this section and report to the state emergency council at ninety-day intervals during the emergency and conduct a final review of each emergency within ninety days after the termination of the emergency. The state emergency council shall make a written report not later than September 1 of each year to the legislature of the actions of the state emergency council during the preceding fiscal year, including an itemized statement of expenditures for each emergency during the year. The department of emergency and military affairs shall post the report in a prominent location on the department's official website.

F. All liabilities incurred under this section shall be subject to the following limitations:

1. No liability shall be incurred against the monies authorized without the approval of the governor, or the adjutant general pursuant to section 26-303, subsection J, for each contingency or emergency.

2. Except as provided in paragraph 5 of this subsection, incurring of liabilities in excess of $200,000 in any single disaster or emergency shall not be made without consent of a majority of the members of the state emergency council.

3. The aggregate amount of all liabilities incurred under this section shall not exceed $4,000,000 for any fiscal year beginning July 1 through June 30. Monies authorized for disasters and emergencies in prior fiscal years may be used in subsequent fiscal years only for the disaster or emergency for which they were authorized. Monies authorized for disasters and emergencies in prior fiscal years, and expended in subsequent fiscal years for the disaster or emergency for which they were authorized, apply toward the $4,000,000 liability limit for the fiscal year in which they were authorized.

4. Notwithstanding the limitations in paragraph 3 of this subsection, monies that were previously obligated but not used for a declared emergency or disaster may be reallocated to an outstanding obligation for another declared emergency or disaster and shall remain available for expenditure for the outstanding obligation. The reallocation of monies pursuant to this paragraph does not apply toward the $4,000,000 liability limit of the fiscal year to which the monies were reallocated or in which the monies are spent.

5. Liabilities in excess of $200,000 incurred by the Arizona department of forestry and fire management may be reimbursed with the approval of the governor or state emergency council. The reimbursement shall be made pursuant to rules adopted pursuant to section 37-1305, subsection G or, if rules are not adopted pursuant to section 37-1305, subsection G, pursuant to rules adopted pursuant to subsection G of this section.

6. An obligation of monies under this section may be made only when one or more of the following conditions exist:

(a) No appropriation or other authorization is available to meet the contingency or emergency.

(b) An appropriation is insufficient to meet the contingency or emergency.

(c) Federal monies available for such contingency or emergency require the use of state or other public monies.

G. The director of the division of emergency management in the department of emergency and military affairs shall develop rules for administering the monies authorized for liabilities under this section, subject to approval by the governor.
A.R.S. § 35-467.02 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467.02
35-467.02 Form of notes; definition
Status: in_force

35-467.02. Form of notes; definition

Revenue anticipation notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates occurring on or before the last day of the fiscal year, mature in such amount or amounts, bear interest at such rate or rates, be in such form and be executed in such medium of payment, be payable at such place or places and be subject to such terms of redemption with or without premium as the resolution of the governing body authorizing the issuance of the notes provides. The notes may be sold at not less than par at either public or private sale. "Public sale" means sale by either auction or sealed bid on such terms, conditions and notice as the governing body prescribes. The notes shall be fully negotiable for all purposes in accordance with the provisions of title 47, chapter 3.
A.R.S. § 35-806 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 806
35-806 Corporate powers
Status: in_force

35-806. Corporate powers

A. In addition to the powers granted corporations by title 10, or otherwise, the corporation shall have the following powers, together with all powers incidental thereto or necessary or convenient for the performance of the following:

1. To issue bonds to carry out any of its purposes.

2. To pay compensation for professional and other services as the board of directors shall deem necessary for the business of the corporation.

3. To acquire by purchase, exchange, gift, lease or otherwise and to construct, improve and equip pollution control facilities.

4. To sell for cash or terms, exchange and convey pollution control facilities whenever its board of directors finds such action to be in furtherance of the purposes of the corporation.

5. To lease pollution control facilities and collect rent therefor and terminate any such lease upon the failure of the lessee to comply with any of the lease obligations.

6. To make secured or unsecured loans for the purpose of financing or refinancing the acquisition, construction, improvement or equipping of pollution control facilities, to charge and collect interest on such loans and pledge the proceeds of loan agreements as security for the payment of the principal and interest of bonds, or designated issues of bonds, issued by the corporation and any agreements made in connection therewith, whenever the board of directors finds such loans to be in furtherance of the purposes of the corporation.

7. To mortgage, pledge or otherwise encumber any or all of its properties, or any part or parts thereof, whether then owned or later acquired and to pledge the revenues and receipts from such properties as security for the payment of the principal and interest of bonds or designated issues of bonds, issued by the corporation and any agreements made in connection therewith.

8. To invest funds of the corporation as the board of directors shall direct.

9. To acquire and hold obligations of any kind to carry out any of its purposes.

10. To enter into contracts and execute any agreements or instrument and do any other act necessary or appropriate to carry out its purposes.

B. The corporation shall not have the power to operate any pollution control facility as a business other than as lessor.
A.R.S. § 35-468.03 — Arizona Code / Title 35 / Chapter 3 / Article 3.4 / Section 468.03
35-468.03 Supplemental tax levy; interest fund; redemption fund
Status: in_force

35-468.03. Supplemental tax levy; interest fund; redemption fund

A. After the bonds are issued, the governing body or board issuing the bonds shall annually levy and cause to be collected a tax, at the same time and in the same manner as other taxes are levied and collected on all taxable property in the political subdivision, sufficient to pay the interest on the bonds when due and shall likewise annually levy a tax sufficient to pay the bonds at maturity, in each instance net of amounts to be paid from water transportation revenues so that the levy does not exceed the amount required to pay debt service on the bonds to be paid from taxes pursuant to the schedule filed under section 35-468.01, subsection C. Monies derived from the levy of the tax when collected shall be deposited in the interest fund and the redemption fund pertaining to the bonds.

B. The treasurer of the political subdivision issuing the bonds shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into such funds revenues received from taxes and water transportation revenues in amounts sufficient to pay the interest and principal of such bonds next maturing. The funds shall be used solely to pay principal and interest on the bonds.
A.R.S. § 35-457 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 457
35-457 Sale of bonds; bids; forfeiture of deposit; definitions
Status: in_force

35-457. Sale of bonds; bids; forfeiture of deposit; definitions

A. Any or all of the bonds may be sold at public sale or through an online bidding process in a manner prescribed by the governing body or board that includes the following:

1. If sold by public sale before the sale of any bonds the governing body or board shall meet and enter on its record an order directing the sale of the bonds and the date and hour of the sale, and cause a copy of the order to be published at least once a week for two successive weeks in cities having a population of fifteen thousand or more persons, and once a week for four successive weeks in all other political subdivisions before the sale in one or more designated daily or weekly newspapers, together with a notice that sealed proposals will be received for purchase of the bonds on the date and hour named in the order.

2. If sold through an online bidding process, bids for the bonds that are entered into the system may be concealed until a specified time or disclosed in the online bidding process, may be subject to improvement in favor of the political subdivision before a specified time and may be for an entire issue of bonds or specified maturities according to the manner, terms and notice provisions ordered by the governing body.

B. If the bonds are sold by public sale or through an online bidding process, all proposals shall be received on the date and hour or in the manner stated in the order and the governing body or board shall award the bonds to the highest and most responsible bidder. The successful bidder shall provide a bid guarantee for not less than two percent of the total par value of the bonds within twenty-four hours after the date and time the bid is awarded. The bid guarantee may be in the form of a certified check or a bond issued by a surety company licensed by the department of insurance and financial institutions to do business in this state.  The governing body or board may reject any and all bids.  If the successful bidder does not carry out the terms of the proposal to purchase the bonds, the bid guarantee shall be forfeited as stipulated and liquidated damages.

C. Notwithstanding any other provision of this section, bonds may be sold by negotiated sale on terms the governing body deems to be the best then available and may bear interest payable at such times as shall be determined by the governing body.

D. The bonds may be sold below, at or above par.  If an issue of bonds is sold below par, the aggregate amount of discount plus interest to be paid on the bonds must not exceed the amount of interest that would be payable on the bonds over the maturity schedule prescribed by the governing body at the maximum rate set out in the resolution calling the election at which the bonds were voted. The amount of net premium associated with a bond issue may be used only for one or more of the following:

1. To pay costs incurred in issuing the bonds, subject to section 35-452, subsection C.

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

3. For any other purpose, if the political subdivision has voter authorization and available capacity under its debt limitations and the amount of net premium used for such purpose will reduce in an equal amount both:

(a) The available aggregate indebtedness capacity of the political subdivision under the statutes and constitution of this state.

(b) The principal amount authorized at the election for the political subdivision from which the issue of bonds is being sold.

E. Any net premium used as provided in subsection D, paragraph 3 of this section 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.

F. For the purposes of this section:

1. "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.

2. "Online bidding process" means a procurement process in which the governing body receives bids electronically over the internet in a real-time, competitive bidding event.
A.R.S. § 35-753 — Arizona Code / Title 35 / Chapter 5 / Article 4 / Section 753
35-753 Recordation of documents
Status: in_force

35-753. Recordation of documents

The articles of incorporation of the corporation and the certificate of dissolution of the corporation shall be filed for record with the corporation commission.
A.R.S. § 35-728 — Arizona Code / Title 35 / Chapter 5 / Article 2 / Section 728
35-728 Additional powers; allocating low-income housing tax credits; report; definition
Status: in_force

35-728. Additional powers; allocating low-income housing tax credits; report; definition

A. In addition to the other powers granted to the department, the department may:

1. Adopt rules for the conduct of its business and its review of the activities described in this article.

2. Contract with, retain or designate financial consultants, attorneys and such other consultants and independent contractors as it determines necessary or appropriate to carry out the purposes of this article.

3. Undertake and carry out or authorize the completion of studies and analyses of housing conditions and needs within this state relevant to the purposes of this section to the extent not otherwise undertaken by other departments or agencies of this state satisfactory for such purpose.

B. The department is designated the housing credit agency for this state for purposes of section 42 of the United States internal revenue code and is responsible for allocating the federal low-income housing tax credits available to this state. After reviewing applications the department may assess the applicant a reasonable fee in connection with processing the applications and monitoring compliance with the program. Beginning on October 1, 2002, 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.

C. For the activities authorized in this section, the department shall notify a city, town, county or tribal government that a multifamily rental project is planned for its jurisdiction and, before proceeding, shall request and obtain written consent from the governing body of the city, town, county or tribal government or an official authorized by the governing body of the city, town, county or tribal government. The department shall not interfere with or attempt to override the local jurisdiction's planning, zoning or land use regulations. This subsection shall not be interpreted to interfere in any way with the requirements of state or federal fair housing laws.

D. The department shall provide to the governor, the president of the senate, the speaker of the house of representatives and the auditor general not later than September 30 of each year a report of the activities of the department during the preceding fiscal year. The report shall include information on the following matters:

1. An assessment of the number and geographic location of housing units or developments financed or otherwise assisted by the department or by the corporations reporting to the department.

2. An assessment of the assistance in obtaining housing provided by the department or by the corporations reporting to the department to persons of low or moderate income and to other persons.

3. An assessment of the approximate amount of money used in the housing industry as a result of the department's activities.

E. For the purposes of this section, "department" means the Arizona department of housing.
A.R.S. § 35-101 — Arizona Code / Title 35 / Chapter 1 / Article 1 / Section 101
35-101 Definitions
Status: reserved

35-101. Definitions

In this chapter, unless the context otherwise requires:

1. "Allotment" means the allocation of an appropriation or other fund source over a full fiscal year within a budget program or expenditure class.

2. "Authorized agent" means a commercial enterprise that is contracted to process transactions on behalf of a state agency.

3. "Budget estimates" means statements with accompanying explanations, as provided by this chapter, in which a budget unit states its financial requirements and requests appropriations.

4. "Budget program" means functions and activities of a budget unit or within a budget unit that are preplanned to fulfill a distinct mission.

5. "Budget unit" means any department, commission, board, institution or other agency of this state receiving, expending or disbursing state monies or incurring obligations against this state.

6. "Cardholder" means any person:

(a) Named on the face of a credit card to whom or for whose benefit the credit card is issued by an issuer.

(b) In possession of a credit card with the consent of the person to whom the credit card was issued.

7. "Claim" means a demand against the state for payment for either:

(a) Goods delivered or, in the case of highway construction, goods or facilities to be delivered by the federal government.

(b) Services performed.

8. "Convenience fee" means an additional fee that is imposed by an authorized agent on a web-based or voice response portal transaction for the acceptance of a credit card that would not be charged if the same transaction were completed by an alternate method of payment.

9. "Credit card" means:

(a) Any instrument or device, whether known as a credit card, charge card, credit plate, courtesy card or identification card or by any other name, that is issued with or without a fee by an issuer for the use of the cardholder in obtaining money, goods, services or anything else of value, either on credit or in possession or in consideration of an undertaking or guaranty by the issuer of the payment of a check drawn by the cardholder, on a promise to pay in part or in full at a future time, whether or not all or any part of the indebtedness represented by this promise to make deferred payment is secured or unsecured.

(b) Any debit card, electronic benefit transfer card or other access instrument or device, other than a check that is signed by the holder or other authorized signatory on the deposit account, that draws monies from a deposit account in order to obtain money, goods, services or anything else of value.

(c) Any stored value card, smart card or other instrument or device that enables a person to obtain goods, services or anything else of value through the use of value stored on the instrument or device.

(d) The number assigned to an instrument or device described in subdivision (a), (b) or (c) of this paragraph even if the physical instrument or device is not used or presented.

10. "Discount fee" means the fee that is calculated and charged by the credit card issuer or a financial institution pursuant to an agreement for the processing of any credit card transaction.

11. "Encumbrance" means an obligation in the form of any purchase order, contract or other commitment that is chargeable to an appropriation or any other authorized fund source and for which a part of the fund source is reserved.  It ceases to be an encumbrance when paid or canceled.

12. "Expenditure class" means one of the kinds of expenditure denoting a class of services or commodities purchased or properties acquired as specified in the classification of expenditures prescribed by the director of the department of administration for use in expenditure accounting, in making budget estimates and in the budget reports and budgets.

13. "Issuer" means any business organization, state agency or financial institution, or its duly authorized agent, that issues a credit card.

14. "Prepayment" means the payment of a claim before receiving the goods or services.

15. "Processing fee" means a fee that is charged by an entity other than a credit card issuer or the processing financial institution to process a credit card transaction.

16. "Purchase order" means a document that is signed by the appropriate agency authorized signatory, that requests a vendor to deliver described goods or services at a specific price and that on delivery and acceptance of the goods or services by this state becomes an obligation of this state.

17. "Service fee or surcharge" means a fee, whether fixed or variable, that is in addition to the transaction amount, that is charged by a state agency when the state agency accepts a credit card for payment and that is necessary for the state agency to process the payment.

18. "Transaction amount" means the total amount due to the state for any goods, service or license or anything else of value.
A.R.S. § 35-906 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 906
35-906 Allocations obtained after March 31 through 5:00 p.m. December 16
Status: in_force

35-906. Allocations obtained after March 31 through 5:00 p.m. December 16

A. Any portions of the state ceiling, including any portions of the state ceiling subject to a confirmation for which bonds have not been issued or for which a qualified mortgage credit certificate program has not been established by 5:00 p.m. on March 31, other than confirmations extended pursuant to section 35-910 and the state ceiling allocated to the discretion of the director pursuant to section 35-902, subsection B, shall be pooled and are subject to allocation among requests on a first come, first served basis.

B. Obtaining and issuing confirmations on or after April 1 through 5:00 p.m. December 16 shall occur as provided in section 35-904, subject to the following restrictions and changes:

1. Requests may be filed on or after April 1 of each year.

2. A confirmation issued on or after April 1 through 5:00 p.m. December 16 expires and no issuer is deemed to have been allocated any portion of the state ceiling unless the issuer's bonds have been issued or a qualified mortgage credit certificate program has been established and a certificate of closing has been actually filed, and not merely postmarked, with the authority no later than ninety days after the date of the confirmation or the first business day after the ninetieth day if the ninetieth day is not a business day, or before 5:00 p.m. December 16, whichever occurs first. The confirmation may be extended as provided in section 35-910.

3. Before the director issues the confirmation, the authority must receive a security deposit in the amount of one percent of the principal amount stated in the request. The security deposit is forfeited to the authority if the bonds are not issued before the expiration of the confirmation or any extension.  The security deposit shall not be required pursuant to this paragraph if the direct beneficiary of the bond proceeds is this state or a county, city, town or nonprofit entity, the issuer is a student loan corporation or the project will include urban development action grant or housing development grant financing, is a qualified mortgage revenue bond or is a qualified mortgage credit certificate program.
A.R.S. § 35-603 — Arizona Code / Title 35 / Chapter 4 / Article 1 / Section 603
35-603 Filing petition; payment of expenses
Status: in_force

35-603. Filing petition; payment of expenses

Any taxing district in this state is authorized to file the petition provided for in the federal bankruptcy statute and to incur and pay the expenses thereof and any and all other expenses necessary or incidental to the consummation of the plan of readjustment contemplated in such petition or as it may be modified from time to time.
A.R.S. § 35-912 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 912
35-912 Limitation of liability
Status: in_force

35-912. Limitation of liability

No pecuniary recourse may be had for any claim based on any obligation contained in this chapter against this state or the authority or any of the past, present or future agencies, officers, directors, employees or agents.
A.R.S. § 35-182 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 182
35-182 Certification of claims
Status: in_force

35-182. Certification of claims

Before any claim against the state is paid by the department of administration, the department shall require a certification in a form prescribed by the director of the department of administration and signed by the authorized representative or representatives of the budget unit presenting the claim.
A.R.S. § 35-402 — Arizona Code / Title 35 / Chapter 3 / Article 1 / Section 402
35-402 Issuance of bonds
Status: in_force

35-402. Issuance of bonds

When the legislature has made appropriations for any fiscal year as authorized by law, and when ad valorem and excise taxes sufficient to produce funds to pay such appropriations have been levied, if the loan commissioners of the state ascertain that the proceeds of the taxes levied will not be received in the state treasury in time to pay in cash the expenses provided for by such appropriations, they may anticipate the collection of such taxes by issuing and selling bonds designated as "state of Arizona tax anticipation bonds".
A.R.S. § 35-313 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 313
35-313 Investment of trust and treasury monies; loan of securities
Status: in_force

35-313. Investment of trust and treasury monies; loan of securities

A. The state treasurer shall invest and reinvest trust and treasury monies in any of the following items:

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

2. Repurchase agreements collateralized with securities that are authorized for investment pursuant to state law and that are purchased from authorized counterparties that have adequate capital and liquidity as determined by the state treasurer.

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

4. Commercial paper whose issuer is investment grade for short-term obligations by any two nationally recognized statistical rating organizations.

5. Bills of exchange or time drafts known as banker's acceptances that are drawn on and accepted by a commercial bank.

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

7. Bonds, debentures, notes or other evidences of indebtedness that are denominated in United States dollars and that carry an investment grade rating by a nationally recognized bond rating agency.

8. Securities of or any other interests in any open-end or closed-end management type investment company or investment trust, including exchange traded products 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. For any treasurer investment pool that seeks to maintain a constant share price, both of the following apply:

(a) The investment company or investment trust takes delivery of the collateral for any repurchase agreement either directly or through an authorized custodian.

(b) The investment policy of the investment company or investment trust includes seeking to maintain a constant share price.

9. Certificates of deferred property taxes as provided by section 42-17309.

10. Treasurer's warrant notes issued pursuant to section 35-185.01 or registered warrants of a county issued pursuant to section 11-605, if the yield is equal to or greater than yields on eligible investment instruments of comparable maturities.

11. Shares in the treasurer's local government investment pools pursuant to section 35-326 if investment policies of the pool seek to maintain a constant share price.

12. Shares in the treasurer's long-term local government investment pools, the terms of which are determined by the state board of investment, pursuant to section 35-326.01.

13. Subject to subsection D of this section, state transportation board funding obligations delivered pursuant to section 28-7678.

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

15. Institutional common trust funds whose underlying investments are invested in securities allowed by state law.

16. Program funding obligations delivered by the credit enhancement eligibility board pursuant to section 41-5857.

B. In case of default or failure to honor a county treasurer's warrant, the state treasurer may withhold the first state shared revenues that would otherwise be distributed to the defaulting county in the amount necessary to honor the note, including accrued interest to and beyond the date of default.

C. The state treasurer may contract to loan securities owned by the trust funds and operating monies deposited in the investment pools pursuant to section 35-316, subsection B to the financial or dealer community through one or more of the entities listed in section 35-317, subsection A, or authorized by the board of investment pursuant to section 35-311, subsection E, if the borrower transfers collateral to the state treasurer or acting agent of the state in the form of cash or securities authorized for investment pursuant to state law. Collateral posted in the form of cash shall be in an amount equal to at least one hundred percent of the market value of the loaned securities as agreed. Collateral posted in the form of securities shall be in an amount of at least one hundred two percent of the market value of the loaned securities as established from time to time by the board of investment. The loaned securities shall be valued as to market value daily, and, if necessary, the borrower shall post additional collateral, as agreed, to ensure that the required margin is maintained. The state treasurer may collect from the borrower all dividends, interest, premiums, rights and other distributions to which the lender of securities would otherwise be entitled. The state treasurer may terminate the contract on at least five business days' notice, as agreed, and the borrower may terminate the contract on at least two business days' notice, as agreed.

D. The state treasurer shall invest operating monies in state transportation board funding obligations delivered pursuant to section 28-7678 pursuant to the following:

1. The state treasurer shall liquidate investments of operating monies if necessary to invest in state transportation board funding obligations, except that if operating monies in the state general fund fall below an $800,000,000 average over the previous twelve consecutive months, the state treasurer is not required to purchase state transportation board funding obligations pursuant to this subsection.

2. Each series of state transportation board funding obligations shall bear interest at a fixed interest rate equal to the mean bid-ask price of the United States treasury obligation with a maturity date closest to the maturity date of the state transportation board funding obligation as determined by the pricing system used by the state treasurer before the date the state treasurer receives a certificate from the state transportation board that states the board's determination to deliver an obligation to the state treasurer and the anticipated delivery date of the obligation. The delivery date shall be between fifteen and sixty days after the day the state treasurer receives the certificate.

3. The state treasurer shall notify the state transportation board and the director of the department of transportation in writing when the operating monies fall below $400,000,000. If operating monies fall below $200,000,000, the state treasurer may call the investment in the state transportation board funding obligations in $25,000,000 increments up to the amount that the operating monies are below $200,000,000. The state treasurer shall give the state transportation board and the director of the department of transportation at least fifteen days' notice of the call.
A.R.S. § 35-729 — Arizona Code / Title 35 / Chapter 5 / Article 2 / Section 729
35-729 Exemption from procurement code
Status: in_force

35-729. Exemption from procurement code

For purposes of this article and chapter 7 of this title, the following are exempt from title 41, chapter 23 or other restrictions on the procedure for entering into contracts:

1. The Arizona commerce authority.

2. The Arizona department of housing.
A.R.S. § 35-1209 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1209
35-1209 Reports of eligible depositories
Status: in_force

35-1209. Reports of eligible depositories

At the request of the administrator, each eligible depository shall submit to the administrator a report, as prescribed by the administrator, showing the current market value of the depository's pledged collateral.  The report shall be certified as to its accuracy by an authorized official of the eligible depository.
A.R.S. § 35-1204 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1204
35-1204 Mandatory deposit of public funds in eligible depositories; notice; exemption
Status: in_force

35-1204. Mandatory deposit of public funds in eligible depositories; notice; exemption

A. Uninsured public deposits required to be secured by collateral pursuant to this chapter shall be deposited in an eligible depository.

B. On written notice to the administrator, a city that is governed by a charter and that has a population of more than one million persons is exempt from the requirements of this article.
A.R.S. § 35-403 — Arizona Code / Title 35 / Chapter 3 / Article 1 / Section 403
35-403 Form and contents of bonds
Status: in_force

35-403. Form and contents of bonds

A. Tax anticipations bonds shall be signed by the governor, attested by the director of the department of administration and countersigned by the state treasurer, and shall be payable within six months from the date. They shall bear interest at such rate or rates, not exceeding nine per cent per annum, bear such date and shall be payable at such place as determined by the loan commissioners.

B. Each bond shall recite:

1. That it is issued in anticipation of state taxes theretofore levied but remaining uncollected.

2. The fiscal year or years for which the taxes were levied.

3. Whether it is payable from the proceeds of ad valorem taxes levied upon taxable property or from the state's share of excise taxes, or both.

4. That the bond is issued pursuant to this article.
A.R.S. § 35-459 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 459
35-459 Redemption of bonds and coupons
Status: in_force

35-459. Redemption of bonds and coupons

A. When any bonds mature, the county treasurer, when the bonds have been issued by the county, the city or town treasurer, when the bonds have been issued by a city or town, or the fiscal officer of other political subdivisions shall give notice for four weeks in a newspaper published in the county of intention to redeem and the amount of such bonds. The redemption shall be made and all such bonds shall cease to draw interest at the expiration of four weeks after the date of the notice. If the bonds so called for redemption are not presented within three months from the date of the notice, the treasurer shall apply the money to the redemption of the bonds next in the order of the number of their issue.

B. The interest coupons when due and payable shall be delivered to the treasurer or proper fiscal officer, who shall pay them and write the word "canceled" across the face of the coupons. Such canceled coupons shall be the treasurer's receipt for their payment.

C. When any bonds are redeemed, the treasurer or proper fiscal officer shall in like manner mark them "canceled" on the face of the bonds over his signature, and deliver them to the clerk or secretary of the governing body, taking a receipt for the cancelled bonds. The clerk or secretary shall file the bonds in his office and report the redemptions to the governing body.
A.R.S. § 35-901 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 901
35-901 Definitions
Status: in_force

35-901. Definitions

In this chapter, unless the context otherwise requires:

1. "Authority" means the Arizona finance authority established by title 41, chapter 53, article 2.

2. "Board" means the board of directors of the authority.

3. "Bond" means any obligation that is subject to the provisions of section 146 of the code, excluding obligations that received a carry-forward allocation in a prior year.

4. "Business day" means between the hours of 8:00 a.m. and 5:00 p.m., mountain standard time, any day of the week other than a Saturday, a Sunday or a legal holiday or a day on which the authority is authorized or obligated by law or executive order to close.

5. "Carry-forward project" means any project receiving a carry-forward allocation pursuant to section 35-907.

6. "Certificate of closing" means the certificate of closing adopted for use by and to be filed with the authority declaring that bonds were issued or that a qualified mortgage credit certificate program has been established.

7. "Code" means the United States internal revenue code of 1986, as amended, and its applicable regulations.

8. "Confirmation" means the allocation confirmation that confirms an allocation to a project in the form adopted for use by the authority.

9. "Director" means the director of the authority.

10. "Issued" means, with respect to a bond or bonds, either of the following:

(a) The bond or bonds have been delivered and paid for in full.

(b) For bonds issued pursuant to a draw-down loan for which a bond purchaser has agreed to receive and pay for the bonds of the issue in increments from time to time, all of the bonds are treated as issued on the first date on which the aggregate principal amount of such bonds delivered and paid for exceeds the lesser of fifty thousand dollars or five percent of the aggregate issue price of the issue.

11. "Issuer" means an entity or person issuing bonds.

12. "Manufacturing project" means a project as described in section 35-701, paragraph 7, subdivision (a), item (vii) or (xiii).

13. "Mortgage credit certificate" means a certificate as described in section 25(c)(1) of the code.

14. "Nonurban area" means all areas of this state not within the boundaries of the urban cities.

15. "Notice of intent" means the notice of intent to be filed with the authority in the form adopted for use by the authority.

16. "Project" means a qualified mortgage credit certificate program or any construction, acquisition, planned expenditure or other activity, including all phases of a multiphased project that requests allocations in the same year and including costs of issuance, capitalized interest and discounts, financed with bonds and located in this state or directly benefiting residents of this state. All qualified mortgage credit certificate programs and qualified mortgage revenue bonds, or combinations of such programs and bonds, of a single issuer or group of issuers acting together, constitute a single project for the purposes of this paragraph.

17. "Qualified mortgage credit certificate program" means a qualified mortgage credit certificate program as described in section 25(c)(2) of the code.

18. "Qualified mortgage revenue bonds" means an issue of bonds as described in section 143(a) of the code.

19. "Qualified student loan project" means an issue of bonds as described in section 144(b) of the code.

20. "Request" means the request for allocation to be filed with the authority in the form adopted for use by the authority.

21. "Security deposit" means cash, a bank cashier's check, a surety bond, a letter of credit or any other form of security approved by the director in favor of the authority that is received by the authority from an issuer or user to secure or extend an allocation.

22. "State ceiling" means the dollar limit of the aggregate amount of private activity bonds that may be issued in this state pursuant to section 146 of the code for each calendar year, beginning in 1988.

23. "Tax reform act of 1986" means P.L. 99-514 enacted by the ninety-ninth Congress, second session in 1986.

24. "Urban city" means a city having a population of not less than one hundred thousand persons according to the most recent United States decennial or special census. The area of each urban city is the boundary of the city as of January 1 of the current calendar year.

25. "Year" means the calendar year.
A.R.S. § 35-514 — Arizona Code / Title 35 / Chapter 3 / Article 7 / Section 514
35-514 Construction; right to contest; supplemental nature of article
Status: in_force

35-514. Construction; right to contest; supplemental nature of article

A. This article is to be construed to be supplemental to and govern over any provision of law which prohibits rebates or other actions authorized in this article. The rebates authorized in this article are deemed to be made for a public purpose and to be made in furtherance of the purposes for which the bonds are issued. No findings of necessity need be made by the governing body of any political subdivision or of any department, agency or instrumentality of this state before exercising, or ordering the exercise of, any power granted hereunder. The preservation of exemptions from federal income tax or interest on bonds is found and determined to be of statewide interest, and this article applies to charter cities as well as all other political subdivisions.

B. Neither this article nor the actions of any department, instrumentality of this state or any political subdivision shall be construed as a waiver of any right to contest the constitutionality of any act or law of the United States which seeks to tax the debts or obligations of this state or any political subdivision or interest income thereon or otherwise impose restrictions of any nature on the issuance of any bonds.

C. All treasurers shall conform investment and accounting practices in accordance with the resolutions, ordinances, indentures or contracts made in accordance with this article.
A.R.S. § 35-115 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 115
35-115 Contents of budget report
Status: in_force

35-115. Contents of budget report

Each budget report required by section 35-114 shall include the following:

1. Summary statements of the financial condition of the state, including:

(a) A consolidated balance sheet showing all current assets and liabilities of the state at the close of the fiscal year last concluded.

(b) Summary statements of the actual income and expenditures of the fiscal year last concluded.

(c) Similar summary statements of estimated fund balances for the current fiscal year.

2. Schedules showing actual income from each source for the preceding fiscal year and the estimated income of the current fiscal year and for the next fiscal year for budget units.  The statements of income and estimated income shall be itemized by source, by budget units and sources and by funds and shall show separately revenue from nonrevenue, all detailed by sources.

3. Detailed comparative statements of expenditures and requests for appropriations by funds, budget units, budget programs and budget classes, showing the expenditures for the fiscal year last concluded, the estimated expenditures for the current year, the request of each budget unit and the governor's recommendations for appropriations for the next fiscal year for budget units, all distributed according to budget programs and budget classes. In connection with each expenditure involving construction projects to be completed in one or more fiscal years, the budget report shall show the total estimated cost of each project and the amount recommended to be appropriated and expended in each ensuing fiscal year until completion of the project. The state capital improvement plan and the governor's recommendations concerning the plan shall be incorporated into the budget report.

4. A summary statement for each fund of the cash resources estimated to be available at the beginning of the next fiscal year for budget units and the estimated cash receipts for the next fiscal year for budget units, as compared with the total recommended amounts for appropriations for all budget programs and budget classes for the next fiscal year for budget units.  If the total of the recommended expenditures exceeds the total of the estimated resources, the summary statement shall include recommendations as to how the deficiency is to be met and estimates of receipts from any proposed additional revenues.

5. A summary statement of expenditures and full-time equivalent positions for each retirement system, delineated by fund source.

6. Each fiscal year for budget units, a delineation of requested expenditures for administrative costs, including administrative personnel salaries and employee-related expenses and direct, indirect and shared costs for administrative office space, equipment, supplies and overhead.  For the purposes of this paragraph, "administrative" means any supportive activity relating to management, supervision, budget or execution of the affairs of the budget unit as distinguished from activities relating to the budget unit's primary direct service functions. The process of delineation and determination of what constitutes administrative costs for each budget unit shall be developed by the governor's office of strategic planning and budgeting in consultation with the director and staff of the joint legislative budget committee.

7. A summary on one page or less providing selected performance measures of the budget unit for the previous fiscal year and the budget years. The performance measures may be expressed as service level measures on a unit cost basis and shall be established by the governor's office of strategic planning and budgeting in consultation with the director and staff of the joint legislative budget committee.
A.R.S. § 35-431 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 431
35-431 Registration of bond; effect; entry of registration
Status: in_force

35-431. Registration of bond; effect; entry of registration

When the owner of a bond authorized to be issued by this article presents it to the director of the department of administration with a request for its conversion into a registered bond, the director of the department of administration shall detach and cancel the coupons, and stamp or write upon such bond that it is registered in the name of the owner and that thereafter the interest and principal of the bond are payable to the registered owner only. The bond may be transferred by the registered owner by presenting it to the director of the department of administration, and the bond shall again be registered. When so registered, the principal and interest of the bond shall be payable to the registered owner. The director of the department of administration shall enter in the register of bonds the registration of each bond and the name of the owner thereof.
A.R.S. § 35-468.06 — Arizona Code / Title 35 / Chapter 3 / Article 3.4 / Section 468.06
35-468.06 Bonds as obligation of political subdivision
Status: in_force

35-468.06. Bonds as obligation of political subdivision

Bonds issued under this article are obligations of the issuing political subdivision, are payable only according to their terms and are not general, special or other obligations of this state. The bonds do not constitute a legal debt of this state and are not enforceable against this state. Payment of the bonds is not enforceable out of any state monies other than the revenue pledged and assigned to, or in trust for the benefit of, the holders of the bonds.
A.R.S. § 35-468.05 — Arizona Code / Title 35 / Chapter 3 / Article 3.4 / Section 468.05
35-468.05 Agreement of state
Status: in_force

35-468.05. Agreement of state

This state pledges to and agrees with the holders of the bonds that this state will not limit, alter or impair the rights vested in any political subdivision under this article to receive the monies, including water transportation revenues or an equivalent source, necessary to produce sufficient revenue to fulfill the terms of any agreements made with the holders of the bonds, or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, together with interest, including interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully met and discharged. The political subdivision may include this pledge and undertaking in its resolutions and indentures securing its bonds under this article.
A.R.S. § 35-144 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 144
35-144 Budget stabilization fund; definitions
Status: in_force

35-144. Budget stabilization fund; definitions

A. The budget stabilization fund is established consisting of monies transferred from the state general fund pursuant to subsection B of this section. The state treasurer shall administer the budget stabilization fund and invest and divest monies in the budget stabilization fund as provided by sections 35-313 and 35-314.02, and monies earned from investment shall be credited to the budget stabilization fund.  Except as provided by this section:

1. Monies in the budget stabilization fund are exempt from the provisions of section 35-190 relating to the reversion of monies to the state general fund.

2. The monies in the fund are separate monies to be used only for the purposes of the fund.

3. An amount sufficient to pay claims certified by the state forester pursuant to section 37-1305, subsection E, paragraph 4 is continuously appropriated from the fund to the state treasurer for payment of the certified claims. Not more than $20,000,000 in unreimbursed claims may be outstanding from the fund at any time from the monies appropriated pursuant to this paragraph.

B. In a calendar year in which the annual growth rate exceeds the trend growth rate, the excess growth when multiplied by total general fund revenue of the fiscal year ending in the calendar year determines the amount to be appropriated by the legislature to the budget stabilization fund in the fiscal year in which the calendar year ends.

C. In a calendar year in which the annual growth rate is both less than two percent and less than the trend growth rate, the difference between the annual growth rate and the trend growth rate when multiplied by the total general fund revenue of the fiscal year ending in the calendar year determines the amount to be transferred by the legislature from the budget stabilization fund to the state general fund at the end of the fiscal year in which the calendar year ends. The transfer calculated pursuant to this subsection shall not exceed the available balance in the budget stabilization fund, nor shall the legislature transfer an amount that exceeds the amount sufficient to balance the state general fund budget.

D. The legislature shall pass a bill that contains the emergency clause if the legislature either:

1. Reduces the amount for appropriation to the budget stabilization fund under subsection B of this section.

2. Increases the amount for transfer to the state general fund under subsection C of this section.

E. The annual budget recommendations of the governor and the joint legislative budget committee shall include estimates of appropriations or transfers required under subsection B or C of this section.

F. A final determination of the amount to be appropriated to or transferred from the budget stabilization fund shall be made using personal income and price deflator estimates as reported in the second calendar quarter for the preceding calendar year.  The economic estimates commission shall determine the annual growth rate, the trend growth rate and the required appropriation to or transfer from the budget stabilization fund at its first meeting following the second calendar quarter report of the United States department of commerce, but not later than June 1. The commission shall certify and report its findings to the governor, the state treasurer, the president of the senate, the speaker of the house of representatives and the joint legislative budget committee.

G. The appropriation calculated pursuant to subsection B of this section may be included in the general appropriations bill for that fiscal year. Any additional appropriation calculated pursuant to subsection F of this section shall be made by a separate act.

H. At the end of a fiscal year, the budget stabilization fund balance shall not exceed ten percent of state general fund revenue for the fiscal year. Any surplus monies above ten percent shall be transferred by the state treasurer to the state general fund.

I. The state treasurer may temporarily divest monies in the budget stabilization fund to avoid a negative cash balance in operating monies. The amount divested shall not exceed the amount required to meet immediate cash needs. The state treasurer may divest monies in the budget stabilization fund only when the state general fund has a negative cash balance.

J. For the purposes of this section:

1. "Adjusted personal income" means personal income minus transfer payments, as reported by the United States department of commerce, bureau of economic analysis, or its successor agency.

2. "Annual growth rate" means the percentage change in real adjusted personal income in the calendar year ending during a fiscal year as compared to real adjusted personal income for the preceding calendar year. The annual growth rate shall be rounded to the nearest one-hundredth of one percent.

3. "GDP price deflator" means the gross domestic product price deflator reported by the United States department of commerce, bureau of economic analysis, or its successor agency.

4. "Personal income" means the total personal income of all persons in this state reported by the United States department of commerce, bureau of economic analysis, or its successor agency.

5. "Real adjusted personal income" means an amount that is determined by dividing adjusted personal income by the GDP price deflator and multiplying the result by one hundred.

6. "Transfer payments" means that portion of personal income that represents a government expenditure for which no service is rendered or product is delivered, as determined by the United States department of commerce, bureau of economic analysis, or its successor agency.

7. "Trend growth rate" means the average annual growth rate for the most recent seven calendar years, rounded to the nearest one-hundredth of one percent.
A.R.S. § 35-191 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 191
35-191 Administrative adjustment; refunds; presentation and disposition of claims; report; exemption
Status: in_force

35-191. Administrative adjustment; refunds; presentation and disposition of claims; report; exemption

A. A claim against this state arising out of contractual relations that has not been paid because of failure to file within the time prescribed by law, or because of any other technical defect not affecting the validity or the contractual liability of this state, is subject to administrative adjustment as provided in this section. A claim against this state arising from orders for goods or services made in one fiscal year and received in the next fiscal year is subject to administrative adjustment as provided in this section if written documentation is provided by the ordering budget unit and written approval is granted by the director of the department of administration. The budget unit shall keep on file the written documentation and authorization by the director.

B. If a claim from the prior fiscal year is presented within one year and if sufficient funds remain in the reverted appropriation to pay the claim, the department of administration, on approval of the claim, shall draw a warrant, check or electronic funds transfer voucher to pay the claim and the warrant, check or electronic funds transfer voucher shall be paid out of the fund to which the unused appropriation reverted.

C. If a claim is presented that is more than one fiscal year and less than four fiscal years old and if sufficient monies remain in the reverted appropriation to pay the claim, the department of administration shall present the claim to the legislature requesting an appropriation of monies sufficient to pay the claim.

D. A claim of $300 or less from a prior fiscal year presented for payment on or before June 30 of the fourth subsequent fiscal year may be paid out of an available current year appropriation of the budget unit if the claim is determined to be in the best interest of this state and is approved by the director of the department of administration.

E. A claim for refund on any fee, license, permit or erroneous payment, the revenue having been placed in any separate fund or the state general fund, is subject to this section if no specific provision for refund is prescribed by law. If a claim for refund is approved, payment shall be made from any unexpended or unappropriated balance in the separate fund or the state general fund.

F. If this state's liability cannot be determined until a subsequent fiscal year but is resolved administratively after one fiscal year, the claim shall be paid from the appropriation for the year in which the liability is determined in accordance with the procedures established by the department of administration.

G. All claims filed under this section shall be presented to the department of administration in the manner prescribed by law and procedures established by the department of administration for presentation and audit of claims.

H. On or before November 1 of each year, the director of the department of administration shall submit a report to the director of the joint legislative budget committee listing the written approvals granted by the director of the department of administration for administrative adjustment of orders for goods or services made in one fiscal year and received on or after August 31 of the next fiscal year.

I. This section does not apply to a claim for damages for injury to a person or property or to any claim if the goods or services were received four fiscal years before the presentation of the claim.
A.R.S. § 35-458 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 458
35-458 Levy of tax for payment of bonds; security
Status: in_force

35-458. Levy of tax for payment of bonds; security

A. After the bonds are issued, the governing body or board shall enter on its minutes a record of the bonds sold and their numbers and dates, and shall annually levy and cause to be collected a tax, at the same time and in the same manner as other taxes are levied and collected on all taxable property in the political subdivision, sufficient to pay the annual interest on the bonds when due, and shall likewise annually levy a tax sufficient to redeem the bonds when they mature. The annual levy shall not exceed the net amount necessary to meet annual payments of principal and interest, projected payments of principal and interest on new debt planned for the ensuing year, a reasonable delinquency factor, including an amount necessary to correct prior year errors or shortages in the levy, if applicable, and any expenses and fees required in conjunction with the authorization pursuant to section 35-512. The levy shall be the net of all cash in excess of ten percent of the annual payments of principal and interest in the current fiscal year from the previous year remaining in the fund or funds prescribed by subsection B of this section.

B. Monies derived from the levy of the tax when collected shall constitute a fund for payment of interest and the bonds. The fund shall be kept separately and shall be known as the "interest fund" and "redemption fund", or the two funds may be combined into a single "interest and redemption fund".

C. All bonds, heretofore and hereafter issued, are secured by a lien on all revenues received pursuant to the tax levy. The lien arises automatically without the need for any action or authorization by the political subdivision or the political subdivision's governing body or board. The lien is valid and binding from the time of the issuance of the bonds.  The revenues received pursuant to the levy of the tax are immediately subject to the lien. The lien attaches immediately to the revenues and is effective, binding and enforceable against the political subdivision, the political subdivision's successors, transferees and creditors and all other parties asserting rights in the revenues, irrespective of whether the parties have notice of the lien, without the need for any physical delivery, recordation, filing or further act.
A.R.S. § 35-466.07 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466.07
35-466.07 Rights of holders
Status: in_force

35-466.07. Rights of holders

The holder of any grant anticipation note may, in the holder's own name and on the holder's own behalf, or on behalf of all of the holders of the notes, take whatever action may be necessary to compel the performance of any duty required by any section of this article.
A.R.S. § 35-405 — Arizona Code / Title 35 / Chapter 3 / Article 1 / Section 405
35-405 Resolution for issuance
Status: in_force

35-405. Resolution for issuance

The loan commissioners shall by resolution authorize the issuance of the bonds, which shall prescribe the form of the bonds, the form of the interest coupons, the manner in which the coupons shall be signed and the particular taxes upon which the bonds are based, and shall fix the manner, terms and conditions under which the bonds shall be sold.
A.R.S. § 35-312 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 312
35-312 Eligible depositories; collateral
Status: in_force

35-312. Eligible depositories; collateral

A. Any eligible depository that receives an investment or any deposit of treasury monies of more than the amount insured by an instrumentality of the United States shall collateralize those deposits with any of the following:

1. Securities listed in section 35-313, subsection A, paragraphs 1 and 3.

2. State treasurer's warrant notes.

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 $100,000,000 or more, evidencing the deposit therein of any securities or instruments described in this section. A safekeeping receipt does 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 state treasurer and shall be delivered to the state 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, may not 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 the letters of credit.

B. The securities, warrants or safekeeping receipt for those items shall be accepted at market value equal to one hundred two percent of the deposit liability to the state treasurer, and, if at any time their market value becomes less than one hundred two percent of the deposit liability to the state treasurer, additional items required to guarantee deposits shall be deposited immediately with the state treasurer by the eligible depository.  When items pledged as collateral mature or are called for redemption, the cash received for the item shall be held in place of the items until the eligible depository has obtained a written release or provided substitute securities, instruments or warrants.

C. The deposit of securities, warrants or a safekeeping receipt must be such that the eligible depository will promptly pay to the state treasurer monies in its custody on lawful demand and will, when required by law, pay the monies to the state treasurer.

D. The securities, warrants or safekeeping receipt of an eligible depository shall be deposited with the state treasurer, and the state treasurer is the custodian of those items.  The state treasurer may then deposit with the eligible depository monies then in the state treasurer's possession in accordance with this article.

E. Eligible depositories shall report to the state treasurer monthly and on demand the par and market value of any pledged collateral and the total deposits of the state treasurer.
A.R.S. § 35-393.01 — Arizona Code / Title 35 / Chapter 2 / Article 9 / Section 393.01
35-393.01 Contracting; procurement; investment; prohibitions
Status: in_force

35-393.01. Contracting; procurement; investment; prohibitions

A. A public entity may not enter into a contract with a value of $100,000 or more with a company to acquire or dispose of services, supplies, information technology or construction unless the contract includes a written certification that the company is not currently engaged in, and agrees for the duration of the contract to not engage in, a boycott of goods or services from Israel.

B. A public entity may not adopt a procurement, investment or other policy that has the effect of inducing or requiring a person or company to boycott Israel.
A.R.S. § 35-192.02 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 192.02
35-192.02 Travel advances; administration; reimbursement
Status: in_force

35-192.02. Travel advances; administration; reimbursement

A. A budget unit shall record travel advances for state employees in the appropriate account as prescribed by procedures established by the department of administration.

B. If travel advances made to an employee are not reimbursed in a timely manner, the department of administration may deduct such advances from any salary or wages or travel expense reimbursement due to the employee or may take any other action necessary to effect reimbursement.
A.R.S. § 35-725 — Arizona Code / Title 35 / Chapter 5 / Article 2 / Section 725
35-725 Bonds made legal investments
Status: in_force

35-725. Bonds made legal investments

Bonds issued under the provisions of this chapter shall be legal investments for all banks, trust companies and insurance companies organized and operating under the laws of this state.
A.R.S. § 35-465.03 — Arizona Code / Title 35 / Chapter 3 / Article 3.1 / Section 465.03
35-465.03 Limitations on issuance of notes
Status: in_force

35-465.03. Limitations on issuance of notes

The amount of such notes issued by such taxing district in any fiscal year shall not exceed ninety per cent of the aggregate of all uncollected taxes estimated to be received by the district for the fiscal year as shown by the current budget.
A.R.S. § 35-121 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 121
35-121 Format of appropriations
Status: in_force

35-121. Format of appropriations

The format of the appropriations for the support and maintenance of state departments and institutions shall be for each fiscal year for all budget units.
A.R.S. § 35-801 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 801
35-801 Definitions
Status: in_force

35-801. Definitions

In this chapter, unless the context otherwise requires:

1. "Corporation" means any pollution control corporation incorporated by a municipality or county pursuant to the provisions of this chapter. Any such corporation when formed shall be a political subdivision of the state and have only such governmental powers as are set forth in this chapter.

2. "County" means any county in this state in which a corporation may be organized and in which it is contemplated the corporation will function.

3. "Governing body" means the board or body in which the general powers of the municipality or the county are vested.

4. "Municipality" means any incorporated city or town, including charter cities, in this state in which a corporation may be organized and in which it is contemplated the corporation will function.

5. "Pollution control facilities" means real and personal properties including but not limited to machinery and equipment, whether or not now in existence or under construction, which are used in whole or in part to control, prevent, abate, alter, dispose or store, solid waste, thermal, noise, atmospheric or water pollutants, contaminants or products therefrom, whether such facilities serve one or more purposes or functions in addition to controlling, preventing, abating, altering, disposing or storing such pollutants, contaminants or the products therefrom.
A.R.S. § 35-452 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 452
35-452 Election to authorize indebtedness; costs
Status: in_force

35-452. Election to authorize indebtedness; costs

A. The governing body or board of a political subdivision enumerated in section 35-451 may, and upon petition signed by fifteen per cent of the qualified electors shall, order an election by such electors to determine whether such indebtedness shall be authorized.  The election shall be held on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d).

B. If a majority of the qualified electors voting at the election votes in favor of creating an indebtedness such political subdivision may become so indebted.

C. Bond counsel fees, financial advisory fees, printing costs and paying agent and registrar fees shall be paid from either the amount authorized by the qualified electors of the political subdivision or current operating funds.

D. Bond election expenses shall be paid from current operating funds only.
A.R.S. § 35-103 — Arizona Code / Title 35 / Chapter 1 / Article 1 / Section 103
35-103 Annual financial reports; notification; payments
Status: in_force

35-103. Annual financial reports; notification; payments

A. All state or county officers, boards, commissions or agencies that are required by law to prepare, make or publish annual reports of financial condition or operations, except the industrial commission, shall, notwithstanding any law to the contrary, prepare, make or publish those reports within ninety days after the close of each fiscal year. The reports shall disclose with respect to the fiscal year, rather than the calendar year, all matters and things required by law.

B. State officers, boards, commissions or agencies shall deliver five copies of their annual reports to the Arizona state library, archives and public records or its agent to satisfy the requirements of the state documents program or arrangements or agreements entered into pursuant to section 41-151.05, subsection A, paragraph 5.

C. The administrative head of a state board, commission or agency who fails to comply with this section shall have all compensation the administrative head receives from public monies withheld until such time as the administrative head complies with this section.

D. The governmental units described in subsection A of this section shall:

1. Notify the Arizona state library, archives and public records if the reports subject to this section are posted on an internet website.

2. Pay the Arizona state library, archives and public records the fee charged pursuant to section 41-151.12 if the governmental unit refuses the state library's request to deliver, and the state library incurs any expenses in obtaining, the copies that are required to be delivered pursuant to this section.
A.R.S. § 35-831 — Arizona Code / Title 35 / Chapter 6 / Article 3 / Section 831
35-831 Exemption from taxation
Status: in_force

35-831. 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.
A.R.S. § 35-314.02 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 314.02
35-314.02 Budget stabilization fund monies; investment
Status: in_force

35-314.02. Budget stabilization fund monies; investment

In addition to the investment authority in section 35-313, the state treasurer may invest and reinvest monies of the budget stabilization fund established in section 35-144 in equity securities pursuant to section 35-314, except that not more than twenty-five per cent of the monies may be invested in equity securities at any time.  The percentage of investment shall be calculated at cost.
A.R.S. § 35-491 — Arizona Code / Title 35 / Chapter 3 / Article 5 / Section 491
35-491 Registration of bonds; payment of principal and interest; paying agent; security for deposits; record date; definition
Status: in_force

35-491. Registration of bonds; payment of principal and interest; paying agent; security for deposits; record date; definition

A. Bonds of this state, any department, agency or instrumentality of this state or any political subdivision, municipal corporation or other entity authorized by statute to issue bonds may be issued in a form that is registrable as to the principal or as to both principal and interest by a registrar designated by the issuer for such a purpose or may be in book entry form on the books of the registrar. In the case of entities for which bonds are issued by other bodies, the issuing body shall employ registrars, transfer agents or paying agents if requested to do so by the governing body of the entity or entities obligated to repay the bonds. All costs incurred due to employing registrars or paying agents are the liability of the entity or entities obligated to repay the bonds.  The costs may be paid from bond proceeds.

B. Evidence of registration shall be entered in a bond register, disclosing the name of the holder, the number and amount of the bond, the date of registry and other information deemed necessary. If required by the proceedings authorizing the issuance of the bonds, the registrar shall endorse on the bond a certificate, signed by the registrar, that the bond is registered and that the principal or principal and interest are payable to the registered holder only, naming the registered holder or the registered holder's legal representative.

C. Notwithstanding any provision of law pertaining to the authorization and issuance of any bond, in addition and supplemental to the form of bond prescribed in such law, the issuer may prescribe a form of bond that meets the provisions of this section.

D. Notwithstanding any provision of law pertaining to the authorization and issuance of any bond, the governing body that authorizes the issuance of any bond may prescribe that the bond be executed by one or more facsimile signatures of designated officials. The governing body of the issuer may provide that a bond be authenticated by the registrar or by an authorized officer of the registrar.

E. The issuer may provide for paying principal of or principal and interest on any bond by check or warrant drawn on either the treasurer of the issuer or on a paying agent and may provide for mailing the check to the registered owner or for wire or other electronic transfer of monies to the registered owner. An issuer may contract with one or more banks or trust companies as paying agents and a registrar for any issue or series of bonds and may pay the costs either from bond proceeds or current revenues collected by the issuer.  All banks and trust companies shall pledge assets to secure the deposits made for the purpose of paying either principal of, interest on or both principal and interest on any series of bonds.

F. The proceedings for the issuance of any bond may provide for setting a record date before each date set to pay principal or interest. The record date is then the date the registrar shall use to determine the ownership of the bonds for the next payment of principal or interest.

G. For the purposes of this article, "registrar" includes the recorder, secretary or clerk of the issuer or any other entity designated by the issuer to act as the registrar.
A.R.S. § 35-318 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 318
35-318 Investment managers and advisors; treasury monies; investment services account
Status: in_force

35-318. Investment managers and advisors; treasury monies; investment services account

A. The state treasurer may enter into an agreement with investment managers to invest treasury monies or with advisors to recommend investment strategies or tactics for the investment of treasury monies, including legal advisors and software to assist with the analysis, tracking and trading of securities.  Qualification and selection of investment managers or advisors pursuant to this section are exempt from title 41, chapter 23 but must be conducted by a process that is substantially equivalent to procedures prescribed by title 41, chapter 23.  Managers or advisors who enter into a contract pursuant to this section shall be paid from earnings on investments. A contract established pursuant to this section may be annually renewable but shall be limited to a period of not more than three years. A contract may be cancelled by the treasurer with forty-five days' written notice.

B. An agreement established pursuant to subsection A of this section shall require the investment manager to regularly account for, itemize and inventory all securities under management consistent with the requirements of section 35-317, subsections C, D and E and report the findings to the state treasurer at least monthly or on demand.

C. The state treasurer shall maintain an investment services account consisting of all monies for payment of contractual financial services authorized by this section. The account shall consist of monies apportioned from the investment earnings of assets under management that are necessary for the payment of current contractual obligations.

D. Expenditures for investment management and advisory fees required by contract pursuant to subsection A of this section shall be paid on approval of the state treasurer from the investment services account established by subsection C of this section.
A.R.S. § 35-394 — Arizona Code / Title 35 / Chapter 2 / Article 10 / Section 394
35-394 Contracting; procurement; prohibition; written certification; remedy; termination; exception; definitions
Status: in_force

35-394. Contracting; procurement; prohibition; written certification; remedy; termination; exception; definitions

A. A public entity may not enter into or renew a contract with a company to acquire or dispose of services, supplies, information technology, goods or construction unless the contract includes a written certification that the company does not currently, and agrees for the duration of the contract that it will not, use:

1. The forced labor of ethnic Uyghurs in the People's Republic of China.

2. Any goods or services produced by the forced labor of ethnic Uyghurs in the People's Republic of China.

3. Any contractors, subcontractors or suppliers that use the forced labor or any goods or services produced by the forced labor of ethnic Uyghurs in the People's Republic of China.

B. If a company that has provided a written certification pursuant to subsection A of this section becomes aware during the term of the contract that the company is not in compliance with the written certification, the company shall notify the public entity within five business days after becoming aware of the noncompliance. If the company does not provide the public entity with a written certification that the company has remedied the noncompliance within one hundred eighty days after notifying the public entity of the noncompliance, the contract terminates, except that If the contract termination date occurs before the end of the remedy period, the contract terminates on the contract termination date.

C. This section does not apply to a contract entered into before September 24, 2022.

D. For the purposes of this section:

1. "Company" means an 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, majority-owned subsidiary, parent company or affiliate, that engages in for-profit activity and that has ten or more full-time employees.

2. "Public entity" means this state, a political subdivision of this state or an agency, board, commission or department of this state or a political subdivision of this state.
A.R.S. § 35-465.06 — Arizona Code / Title 35 / Chapter 3 / Article 3.1 / Section 465.06
35-465.06 Use of proceeds
Status: in_force

35-465.06. Use of proceeds

The proceeds from the sale of the notes shall be paid into the treasury of the taxing district. The proceeds shall be used by the taxing district to pay the expenses of such district as set forth in the annual budget and to pay the expenses of the proceedings and the issuer's costs incurred for the administration of note repayment.
A.R.S. § 35-393.03 — Arizona Code / Title 35 / Chapter 2 / Article 9 / Section 393.03
35-393.03 Applicability; severability
Status: in_force

35-393.03. Applicability; severability

A. This article does not apply to a boycott prohibited by 50 United States Code section 4842 or a regulation issued pursuant to that section.

B. If any provision of this article or its application to any person or circumstance is held invalid, the invalidity does not affect any other provision or application of this article that can be given effect without the invalid provision or application, and to this end the provisions of this article are severable.
A.R.S. § 35-1206 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1206
35-1206 Public depositors; immunity
Status: in_force

35-1206. Public depositors; immunity

When deposits are made in accordance with this chapter, an official of a public depositor is not personally liable for any loss resulting from the default or insolvency of any eligible depository in the absence of negligence, malfeasance, misfeasance or nonfeasance on the part of public depositor or the depositor's agents.
A.R.S. § 35-183 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 183
35-183 Countersigning of warrants, checks and electronic funds transfer vouchers
Status: in_force

35-183. Countersigning of warrants, checks and electronic funds transfer vouchers

All warrants, checks and electronic funds transfer vouchers issued by the department of administration shall be countersigned by the governor, or shall bear the facsimile signature of the governor, before presentation to the state treasurer for payment or endorsement. Unless so countersigned, the warrants, checks or electronic funds transfer vouchers shall not be considered complete in form or effect as legal obligations against this state.
A.R.S. § 35-150 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 150
35-150 Current record of revenues; enforcement powers
Status: in_force

35-150. Current record of revenues; enforcement powers

A. The department of administration shall keep current a completely detailed list of all sources from which monies accrue to the state, classified according to the budget units and other agencies responsible for the collection of public monies, showing for each of the various budget units and each of the other revenue-collecting agencies of the state the various kinds of taxes, fees, permits and other public monies collected or to be collected.

B. The department of administration may take steps deemed necessary, including court action, to enforce the provisions of this chapter with respect to collecting and depositing public monies.

C. Notwithstanding any other law, budget units and other agencies responsible for the collection of public monies shall provide the state comptroller with an accounting of all collections of monies owed to this state regardless of the source pursuant to section 38-414.

D. Any employee or officer who refers a debt to the attorney general's office for collection pursuant to section 41-191.03 and certifies the uncollectible amount to the state comptroller is exempt from section 35-143, subsection B.

E. The attorney general's office shall annually notify the state comptroller of all uncollectible debts owed to this state. After receiving this notice and review by the joint legislative budget committee, the state comptroller may remove the total receivable or any portion of the receivable from the state accounting system.
A.R.S. § 35-465.05 — Arizona Code / Title 35 / Chapter 3 / Article 3.1 / Section 465.05
35-465.05 Investment of tax anticipation note proceeds; period of investment covenants
Status: in_force

35-465.05. Investment of tax anticipation note proceeds; period of investment covenants

A. Tax anticipation note proceeds and taxes pledged to repay the tax anticipation notes may be invested by the treasurer in any securities or deposits eligible for investment of public monies pursuant to chapter 2, article 2.1 of this title or, if taxes, in the same manner such taxes could have been invested if the notes had not been issued.

B. A resolution pertaining to the issuance of tax anticipation 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.

C. Investment income received from tax anticipation note proceeds and taxes set aside to pay the tax anticipation notes shall be applied against the tax anticipation note interest expense incurred on the same tax anticipation notes as a reduction of the expenditure, except that the reduction of expenditure shall not exceed the amount of actual tax anticipation note interest expense. In making such calculation, taxing districts may combine the investment income from all series of tax anticipation notes issued within a fiscal year and also combine all tax anticipation note interest expense to be incurred from such issuance.
A.R.S. § 35-196.02 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 196.02
35-196.02 Use of public funds or insurance for abortion prohibited; exception
Status: in_force

35-196.02. Use of public funds or insurance for abortion prohibited; exception

A. Notwithstanding any provisions of law to the contrary, no public funds nor tax monies of this state or any political subdivision of this state nor any federal funds passing through the state treasury or the treasury of any political subdivision of this state may be expended for payment to any person or entity for the performance of any abortion unless an abortion is necessary to save the life of the woman having the abortion.

B. Notwithstanding any other law, public monies or tax monies of this state or any political subdivision of this state shall not be expended directly or indirectly to pay the costs, premiums or charges associated with a health insurance policy, contract or plan that provides coverage, benefits or services related to the performance of any abortion unless an abortion is necessary to either:

1. Save the life of the woman having the abortion.

2. Avert substantial and irreversible impairment of a major bodily function of the woman having the abortion.

C. Notwithstanding any other law, public monies or tax monies of this state or any political subdivision of this state or any federal funds passing through the state treasury or the treasury of any political subdivision of this state or monies paid by students as part of tuition or fees to a state university or a community college shall not be expended or allocated for training to perform abortions.

D. This section does not prohibit the state from complying with the requirements of federal law in title XIX and title XXI of the social security act.
A.R.S. § 35-214 — Arizona Code / Title 35 / Chapter 1 / Article 6 / Section 214
35-214 Inspection and audit of contract provisions
Status: in_force

35-214. Inspection and audit of contract provisions

A. Except as provided in subsection C, in all contracts and subcontracts for the furnishing of goods, equipment, labor, materials or services to the state, or any of its agencies, boards, commissions or departments, there shall be a provision that all books, accounts, reports, files and other records relating to the contract shall be subject at all reasonable times to inspection and audit by the state for five years after completion of the contract. The contract provision shall also require that such records be produced at such state offices as designated by the state in the contract.

B. Nothing in subsection A shall preclude a more stringent audit requirement agreed to by the parties in any state contract, and no rule of procedure shall limit the authority of the state to exercise its rights under this section.

C. This section does not apply to contracts or subcontracts for the furnishing of goods, equipment, materials or services to any agency, board, commission or department of this state by another agency, board, commission or department of this state or a political subdivision of this state.
A.R.S. § 35-502 — Arizona Code / Title 35 / Chapter 3 / Article 6 / Section 502
35-502 Reports; omission or refusal to comply; violation; classification
Status: in_force

35-502. Reports; omission or refusal to comply; violation; classification

A. The governing body of the county, city, town, district or other political subdivision shall make such reports to the department of administration as the department requires relating to the issuance of the bonds and securities provided by section 35-501 and shall notify the department of the retirement of any such bonds and of all payments of interest on the bonds, immediately on retirement of the bond or payment of interest.

B. Any person or member of any governing body knowingly omitting or refusing to comply with the orders of the department of administration issued pursuant to this article is guilty of a class 2 misdemeanor.
A.R.S. § 35-605 — Arizona Code / Title 35 / Chapter 4 / Article 1 / Section 605
35-605 Powers of taxing district
Status: in_force

35-605. Powers of taxing district

Any taxing district is authorized and empowered to take any and all action necessary to carry out any plan of readjustment contemplated in the petition, or as such petition is modified from time to time, subject only to the provisions of the constitution of this state, any other provision of law to the contrary notwithstanding.
A.R.S. § 35-342 — Arizona Code / Title 35 / Chapter 2 / Article 3 / Section 342
35-342 Payment of agency accounts; delinquency; interest
Status: in_force

35-342. Payment of agency accounts; delinquency; interest

A. Any agency which purchases or procures goods and services from a nongovernmental entity on account shall pay the account in full within thirty days after receipt of goods or services and correct notice of amount due in writing to the agency or shall pay interest on the outstanding balance at the rate prescribed in section 44-1201 until the account is paid in full, unless a good faith dispute exists as to the agency's obligation to pay all or a portion of the account.

B. Any nongovernmental entity which purchases or procures goods or services from another nongovernmental entity on account for the purpose of providing such goods or services to an agency shall pay the account when due in full in accordance with current industry standards relating to the time of payment or in no event later than thirty days after receipt of the goods or services and correct notice in writing of the amount due on the account or shall pay interest on the outstanding balance at the rate prescribed in section 44-1201, or at such other interest rate or other terms as may be agreed in writing by the parties, until the account is paid in full, unless a good faith dispute exists as to the obligation to pay all or a portion of the account. If the delay in payment is caused by the agency and no interest or payment is received by the nongovernmental entity on the account, interest shall not be paid to the other nongovernmental entity on the account under this section unless otherwise agreed in writing by the parties.

C. The accounts of the agency referred to in this section shall not be deemed paid until all interest provided for under subsection A of this section is paid in full. If a dispute as to the amount due under this section relates only to a portion of an account due interest shall be paid on the remaining sums due on the account until paid.
A.R.S. § 35-475 — Arizona Code / Title 35 / Chapter 3 / Article 4 / Section 475
35-475 Exchange or sale of bonds; record of bonds paid or retired
Status: in_force

35-475. Exchange or sale of bonds; record of bonds paid or retired

A. The refunding bonds may be exchanged in like amount for the bonds to be refunded, or they may be sold by the governing board or body at not less than par and accrued interest, and the proceeds applied to the purpose for which the bonds were issued.

B. The governing board or body shall keep a record disclosing the date, number, amount and maturity of each bond, the payments of interest or principal thereon, and its destruction when paid or retired. All bonds paid and retired shall be burned and destroyed by the governing board or body.
A.R.S. § 35-181.02 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 181.02
35-181.02 Audit, adjustment and settlement of claims; procedures for rejection
Status: in_force

35-181.02. Audit, adjustment and settlement of claims; procedures for rejection

A. The director of the department of administration shall audit, adjust and settle the amount of claims against this state payable out of funds of this state, except claims expressly required or permitted by law to be audited and settled by some other officer. The director of the department of administration shall establish audit policies consistent with accepted accounting principles in order to effect prompt and correct payment of state obligations. The director of the department of administration shall also determine whether the funds are available for payment and that the claim is signed by the authorized representative as required by section 35-182.

B. The director of the department of administration shall establish procedures for the return and resolution of any claim for which funds are not available or which payment is contrary to law.
A.R.S. § 35-193.02 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 193.02
35-193.02 Special services revolving fund; contents; administration; annual excess reversion
Status: in_force

35-193.02. Special services revolving fund; contents; administration; annual excess reversion

A. There is established a permanent revolving fund to be known as the department of administration special services revolving fund. The services covered by this fund shall include office supplies, office services, printing and other administrative or management services.  Payments into the fund shall be made by state agencies that have been appropriated monies for the purpose of paying for services performed by the department of administration for other state agencies or to be performed by the department and for such other purposes as may be designated by the legislature. The portion of the monies in the fund used by the department of administration to administer the central office management for agencies is subject to legislative appropriation.  The amount of payments by the agencies shall not exceed the amounts budgeted to the agencies for such designated purposes.

B. The monies shall be spent only on authorization of the director of the department of administration.

C. The director shall adopt rules regarding the time and manner in which payment shall be made into the fund by the state agencies to which appropriations are made in accordance with subsection A of this section.

D. Any amounts in excess of two hundred fifty thousand dollars in the revolving fund at the close of the fiscal year shall revert to the state general fund.
A.R.S. § 35-172 — Arizona Code / Title 35 / Chapter 1 / Article 4 / Section 172
35-172 Authorized expenditures classed as appropriated
Status: in_force

35-172. Authorized expenditures classed as appropriated

A. For the purpose of accounting, budgeting, allotting and reporting, all expenditures authorized by either the general appropriation act or by any separate or special act shall be classed as appropriated by the legislature.

B. Expenditures under the general classes provided by subsection A shall be subdivided by the department of administration in accordance with the objects and character of the expenditures and in such manner that the true and actual cost of each object will be reflected perpetually on the division's books.
A.R.S. § 35-341 — Arizona Code / Title 35 / Chapter 2 / Article 3 / Section 341
35-341 Definitions
Status: in_force

35-341. Definitions

In this article, unless the context otherwise requires:

1. "Agency" means any state agency, school district or office or agency established by either title 11 or a county board of supervisors.

2. "Goods" means all personal property purchased, procured or contracted for by an agency, including leases of real property or other arrangements for the use of space.

3. "Services" means all services purchased, procured or contracted for by an agency, including construction services.
A.R.S. § 35-473 — Arizona Code / Title 35 / Chapter 3 / Article 4 / Section 473
35-473 Limitation on issuance of refunding bonds
Status: in_force

35-473. Limitation on issuance of refunding bonds

A. Notwithstanding the provisions of section 35-426 through section 35-429, or any other provision of law to the contrary, no bonds shall be issued by or on behalf of any county, school district, city or town, or other municipal corporation or political subdivision of the state for the purpose of calling or redeeming outstanding bonds which have not matured or which are not callable for redemption under the express provisions of the proceedings authorizing such bonds, but if the holder or holders of all or any portion of such bonds first consent thereto in writing, refunding bonds may be issued for the purpose of redeeming the bonds held by such consenting holder or holders.

B. Refunding bonds issued in advance of maturity of the bonds to be refunded shall only be issued in the manner set forth in section 35-473.01.
A.R.S. § 35-742 — Arizona Code / Title 35 / Chapter 5 / Article 3 / Section 742
35-742 Municipality or county not liable
Status: in_force

35-742. Municipality or county not liable

The municipality or the county shall not in any event be liable for the payment of the principal of or interest on any bonds of the corporation, formed thereby or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the corporation, and none of the bonds of the corporation or any of its agreements or obligations shall be construed to constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory provision whatsoever.
A.R.S. § 35-123 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 123
35-123 Nonappropriated monies; report
Status: in_force

35-123. Nonappropriated monies; report

The governor's office of strategic planning and budgeting shall prepare and distribute a separate report on or before February 1 of each year on all nonappropriated monies.  The report shall include actual receipts and expenditures for the prior fiscal year and estimates of receipts and expenditures for the current fiscal year and the next fiscal year.
A.R.S. § 35-1101 — Arizona Code / Title 35 / Chapter 9 / Article 1 / Section 1101
35-1101 Legislative consideration; funds; trust status; report; requirements
Status: in_force

35-1101. Legislative consideration; funds; trust status; report; requirements

A. A statutory fund established prior to the effective date of this section may not be reclassified as a fund held in trust unless the fund under consideration meets the following factors:

1. Serves at least one of the following purposes:

(a) Protects public health or safety.

(b) Provides consumer protection by ensuring quality standards of an industry.

(c) Provides research grants for projects designed to further the purposes of the program.

2. Is for a program that meets both of the following requirements:

(a) Is funded primarily by industry fees assessed on a specified group of people and designated for a particular purpose.

(b) Has independent industry council review of the program budget and fees.

B. Any legislative standing committee considering legislation to reclassify a statutory fund to a fund held in trust shall affirm that the fund seeking reclassification meets the factors outlined in subsection A.
A.R.S. § 35-323.01 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 323.01
35-323.01 Investment of government monies in deposits; conditions; definition
Status: in_force

35-323.01. Investment of government monies in deposits; conditions; definition

A. If an investing entity invests in deposits pursuant to this section, the investing entity shall invest those monies in accordance with all of the following conditions:

1. The monies are initially invested through an eligible depository in this state selected by the investing entity.

2. The selected eligible depository arranges for the deposit of the monies in one or more federally insured banks or savings and loan associations wherever located, for the account of the investing entity.

3. The full amount of principal and any accrued interest of each such deposit is insured by the federal deposit insurance corporation.

4. The selected eligible depository acts as custodian for the investing entity with respect to such deposits.

5. On the same date that the investing entity's monies are deposited pursuant to paragraph 2 of this subsection, the selected eligible depository receives an amount of federally insured deposits from customers of other financial institutions equal to or greater than the amount of the monies initially invested by the investing entity through the selected eligible depository.

B. Monies invested in accordance with all of the conditions prescribed in this section are not subject to any security or collateral requirements.

C. For the purposes of this section, "investing entity" means this state, a political subdivision, the governing body of a municipality or the governing body of a school district.
A.R.S. § 35-188 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 188
35-188 Allowance of set-off against state; audit of claim
Status: in_force

35-188. Allowance of set-off against state; audit of claim

In all actions brought on behalf of the state, no debt shall be allowed against the state as a set-off unless it has been exhibited to the director of the department of administration and by him allowed or disallowed. A debt may be allowed as a set-off when it is proved to the satisfaction of the court that the defendant, at the time of trial, is in possession of vouchers which he could not produce to the department of administration, or that he was prevented from exhibiting the claim to the department of administration by absence from the state, sickness or unavoidable accident.
A.R.S. § 35-493 — Arizona Code / Title 35 / Chapter 3 / Article 5 / Section 493
35-493 Collection and payment of bond through bank or trust company; effect
Status: in_force

35-493. Collection and payment of bond through bank or trust company; effect

The proceedings authorizing any bond may permit the registered holder of the bond to authorize any bank or trust company authorized to do business in this state to present the bond to the treasurer, finance director or paying agent of the issuer for payment of the principal thereof, or, if the obligor has a fiscal agent without this state, the obligor may authorize any bank or trust company doing business where such agent is located to make the presentment. Payment to such bank or trust company constitutes payment and satisfaction of the indebtedness.
A.R.S. § 35-311 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 311
35-311 State board of investment; membership; powers and duties
Status: in_force

35-311. State board of investment; membership; powers and duties

A. The state board of investment is established consisting of the state treasurer, the director of the department of administration or the director of the department of administration's designee, the director of the department of insurance and financial institutions or the director of the department of insurance and financial institutions' designee and two individuals appointed by the state treasurer, one of whom has verifiable expertise in investment management and one of whom represents a public entity with current deposits in a local government investment pool. The state treasurer is chairperson of the board. The board shall keep an accurate record of its proceedings. A certified copy of the record is prima facie evidence of the matters appearing in the record in any court. A meeting of the board may be called at any time by the chairperson or a majority of the board members.

B. The state board of investment shall:

1. Hold regular monthly meetings.

2. Review investments of treasury monies.

3. Serve as trustee of the permanent state land funds and manage the assets of the funds consistent with the requirements of article X, section 7, Constitution of Arizona.

4. Serve as trustee of any endowments established pursuant to section 35-314.03.

5. Serve as trustee of AZ529, Arizona's education savings plan established by title 15, chapter 14, article 7.

6. Serve as trustee of any pension prefunding plan investment accounts established pursuant to section 35-314.04.

C. The state treasurer shall furnish to the board of investment at its regular monthly meeting a report of the performance of current investments and a report of the current investments as of the close of business of the preceding month. The state treasurer shall make these reports available for inspection by the public during normal working hours at the office of the state treasurer for a period of time of not less than two years after the date of the report.

D. The board of investment may order the state treasurer to sell any of the securities, and any order shall specifically describe the securities and fix the time period during which they are to be sold. Securities so ordered to be sold shall be sold for cash by the state treasurer at the current market price. The state treasurer and the members of the board are not accountable for any loss occasioned by sales of securities at prices lower than their book value. Any loss shall be charged against earnings received from interest or capital gains on the applicable treasury monies.

E. The board may establish standards in addition to those established by section 35-317, subsection A for the qualification of agents acting pursuant to section 35-317, subsection B.
A.R.S. § 35-701 — Arizona Code / Title 35 / Chapter 5 / Article 1 / Section 701
35-701 Definitions
Status: in_force

35-701. Definitions

In this chapter, unless the context otherwise requires:

1. "Corporation" means any corporation organized as an authority as provided in this chapter.

2. "Governing body" means:

(a) The board or body in which the general legislative powers of the municipality or the county are vested.

(b) The Arizona board of regents with respect to a corporation formed with the permission of the Arizona board of regents.

(c) The Arizona finance authority board of directors established by title 41, chapter 53, article 2.

3. "Income" means gross earnings from wages, salary, commissions, bonuses or tips from all jobs, net earnings from such person's or family's own nonfarm business, professional practice or partnership, and net earnings from such person's or family's own farm.  Income includes income, other than earnings, that consists of amounts received from social security or railroad retirement, interest, dividends, veterans payments, pensions and other regular payments, public assistance or welfare payments, including aid for dependent children, old age assistance and aid to the blind or persons with total disability, but excluding separate payments for hospital or other medical care.

4. "Manufactured house" means a structure that is manufactured in a factory after June 15, 1976, that is delivered to a homesite in more than one section and that is placed on a permanent foundation.  The dimensions of the completed house shall not be less than twenty feet by forty feet, the roof must be sloping, the siding and roofing must be the same as those found in site-built houses and the house must be eligible for thirty-year real estate mortgage financing.

5. "Municipality" or "county" means the Arizona finance authority, the Arizona board of regents or any incorporated city or town, including charter cities, or any county in this state in which a corporation may be organized and in which it is contemplated the corporation will function.

6. "Persons of low and moderate income" means, for the purposes of financing owner-occupied single family dwelling units in areas that the municipality has found, pursuant to section 36-1479, to be slum or blighted areas, as defined in section 36-1471, persons and families whose income does not exceed two and one-half times the median family income of this state. In all other areas it means persons and families whose income does not exceed one and one-half times the median family income of this state.

7. "Project" means any land, any building or any other improvement and all real and personal properties, including machinery and equipment whether or not now in existence or under construction and whether located within or without this state or the municipality or county approving the formation of the corporation, that are suitable for any of the following:

(a) With respect to a corporation formed with the permission of the Arizona finance authority, a municipality or a county other than the Arizona board of regents:

(i) Any enterprise for the manufacturing, processing or assembling of any agricultural or manufactured products.

(ii) Any commercial enterprise for the storing, warehousing, distributing or selling of products of agriculture, mining or industry, or of processes related thereto, including research and development.

(iii) A health care institution as defined in section 36-401.

(iv) Residential real property for dwelling units located within the municipality or county approving the formation of the corporation and, in the case of a county, whether or not also within a municipality that is within the county.

(v) Repairing or rehabilitating single family dwelling units or constructing or repairing residential fences and walls.

(vi) Convention or trade show facilities.

(vii) Airports, docks, wharves, mass commuting facilities, parking facilities or storage or training facilities directly related to any of the facilities as provided in this item.

(viii) Sewage or solid waste disposal facilities or facilities for the furnishing of electric energy, gas or water.

(ix) Industrial park facilities.

(x) Air or water pollution control facilities.

(xi) Any educational institution that is operated by a nonprofit educational organization that is exempt from taxation under section 501(c)(3) of the United States internal revenue code and that is not otherwise funded by state monies, any educational institution or organization that is established under title 15, chapter 1, article 8 and that is owned by a nonprofit organization, any private nonsectarian school or any private nonsectarian organization established for the purpose of funding a career technical education district.

(xii) Research and development facilities.

(xiii) Any commercial enterprises, including facilities for manufacturing, office, recreational, hotel, motel and service uses.

(xiv) A child welfare agency, as defined in section 8-501, owned and operated by a nonprofit organization.

(xv) A transportation facility constructed or operated pursuant to title 28, chapter 22.

(xvi) A museum operated by a nonprofit organization.

(xvii) Facilities owned or operated by a nonprofit organization described in section 501(c) of the United States internal revenue code of 1986.

(xviii) New or existing correctional facilities within this state.

(b) With respect to a corporation formed with the permission of the Arizona board of regents, any facility consisting of classrooms, lecture halls or conference centers or any facility for research and development or for manufacturing, processing, assembling, marketing, storing and transferring items developed through or connected with research and development or in which the results of such research and development are utilized, but only if the facility is located in an area designated as a research park by the Arizona board of regents.

8. "Property" means any land, improvements thereon, buildings and any improvements thereto, machinery and equipment of any and all kinds necessary to a project and any other personal properties deemed necessary in connection with a project.

9. "Research park" means an area of land that has been designated by the Arizona board of regents as a research park for a university and that, at the date of designation, is owned by this state or by the Arizona board of regents.

10. "Single family dwelling unit" includes any new, used or manufactured house that meets the insuring requirements of the federal housing administration, the United States department of veterans affairs or any other insuring entity of the United States government or any private mortgage insurance or surety company that is approved by the federal home loan mortgage corporation or the federal national mortgage association.
A.R.S. § 35-462 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 462
35-462 Bonds; change of purpose; election; informational pamphlet; ballot
Status: in_force

35-462. Bonds; change of purpose; election; informational pamphlet; ballot

A. The governing body or board of a political subdivision may call an election to change the purposes for which the monies derived from the sale of bonds authorized at a prior bond election may be spent provided the bonds have not been issued.

B. The governing body or board shall order the election to be held and the election notice and procedures to be conducted in the manner prescribed by this article. An election called to change the purposes for which the monies may be spent may be held only on the first Tuesday following the first Monday in November.

C. At least thirty-five days before the election, the governing body or board shall mail a copy of an informational pamphlet to each household within the political subdivision that contains a registered voter. The pamphlet shall contain at least the following information:

1. The date of the election.

2. The polling location for the addressee.

3. The hours during the day when the polls will be open.

4. The purposes for which the bonds were issued, as described in the informational pamphlet mailed before the prior bond election pursuant to section 35-454.

5. The proposed new purposes for which the monies derived from the sale of bonds will be spent.

6. The proposed new projects and expenditures for which the monies derived from the sale of bonds will be spent.

7. Arguments for and against changing the purposes for which the monies derived from the sale of bonds may be spent.

D. The ballot shall contain the words "change capital improvements, yes" and "change capital improvements, no", and the voter shall signify the voter's desired choice.
A.R.S. § 35-804 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 804
35-804 Amendment to articles
Status: in_force

35-804. Amendment to articles

The articles of incorporation may be amended, provided that a majority of the members of the board of directors of the corporation first shall file with the governing body a written application seeking permission to amend the articles and specifying the amendment proposed to be made. The governing body shall approve or reject the application within thirty days following the filing date. If it approves the proposed amendment, it shall adopt a resolution authorizing the directors to amend the articles in accordance with the provisions of title 10.
A.R.S. § 35-468.01 — Arizona Code / Title 35 / Chapter 3 / Article 3.4 / Section 468.01
35-468.01 Bonds secured by water transportation revenues
Status: in_force

35-468.01. Bonds secured by water transportation revenues

A. If a majority of the electors of a political subdivision voting at an election held pursuant to either article 3 of this chapter or title 15, chapter 4, article 5 authorizes the issuance of bonds, the political subdivision may issue the bonds so authorized either in the manner provided in this article or the manner prescribed by the article under which the election was authorized.

B. Bonds having an aggregate principal sum that exceeds the political subdivision's debt limit as set forth in article IX, section 8, Constitution of Arizona, may nonetheless be issued pursuant to this section if an amount equal to all principal in excess of the debt limit and all interest on that portion of principal is payable solely from water transportation revenues pledged by the political subdivision to payment of principal and interest on the bonds.

C. On sale of the bonds, a schedule shall be filed with the treasurer of the issuer showing the amounts of principal and interest to be paid at each principal and interest payment date. The schedule shall prorate each payment between the amounts to be paid from taxes and the amounts paid from water transportation revenues. The governing body may use any reasonable method of allocation as long as the total principal amount to be paid from ad valorem taxes computed as of the date of initial issuance of the bonds does not exceed the political subdivision's debt limit.

D. The political subdivision may pledge all or any part of the water transportation revenues it will thereafter receive to the payment of an amount of the debt service on the bonds equal to the principal and interest on the bonds that are not payable from taxes. This pledge constitutes an irrevocable assignment to the officer charged with paying the bonds that is binding on the political subdivision. No notice of the assignment need be filed or recorded and no public notice of any nature is required to make the pledge effective against any person claiming an interest in the water transportation revenues except a holder of the bonds. On receipt of any payment of water transportation revenues, the officer shall cause a sufficient portion of the amount received to be deposited in the redemption fund and interest fund established under section 35-468.03 pertaining to the bonds.

E. No bondholder may claim a preference as to source of payment over any other bondholder of the same series.

F. Neither a bondholder nor a political subdivision has any right or claim to receive payment from a city or town that makes payments relating to remote municipal property under title 9, chapter 4, article 3.
A.R.S. § 35-428 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 428
35-428 Redemption of bonds; notice; record of bonds redeemed
Status: in_force

35-428. Redemption of bonds; notice; record of bonds redeemed

A. When, after the expiration of fifteen years from the date of issuance of any bonds, there is in the redemption fund a surplus of ten thousand dollars or more, the state treasurer shall advertise, in the same manner as required for bids for the sale of bonds, stating the amount of money in the redemption fund, and that such amount has been set apart to pay and discharge a certain number of bonds, naming them by number in the order of their issuance. A copy of such advertisement shall be mailed to each bank or trust company at which the interest on the bonds is payable.  If the bonds numbered in the advertisements are not presented for payment and cancellation at the expiration of such publication, the fund shall remain in the treasury to discharge the bonds when presented, but such bonds shall draw no interest after expiration of the publication. Before such bonds are paid they shall be presented to the director of the department of administration, who shall endorse on each bond the amount due thereon, and shall write across the face of each bond the date of its surrender and the name of the person surrendering the bond.

B. The director of the department of administration shall keep a record of all bonds issued and disposed of by the state treasurer, showing for each bond the number, rate of interest, date, amount of sale, when, where and to whom payable, and if exchanged, for what, and when presented for redemption the date, amount due thereon, and person surrendering.
A.R.S. § 35-122 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 122
35-122 Budget unit program lists; strategic plans; operating plans; compilation and publishing of master list
Status: in_force

35-122. Budget unit program lists; strategic plans; operating plans; compilation and publishing of master list

A. Consistent with instructions issued by the governor, the administrative head of each budget unit is responsible for developing a list of programs for the budget unit.  For the purposes of this section, a program may include a subprogram as determined by the governor's office of strategic planning and budgeting and the staff of the joint legislative budget committee.  In consultation with the staff of the joint legislative budget committee, the governor's office of strategic planning and budgeting may modify the list of programs submitted by each budget unit.

B. Consistent with instructions issued by the governor, the administrative head of each executive branch budget unit is responsible for developing a five-year strategic plan for the budget unit. The strategic plan shall be updated annually. The plan shall contain strategic issues, a mission statement, a description, strategies and resource assumptions.  The resource assumptions shall include the number of full-time equivalent positions and budgetary data, including all funding sources categorized by state general fund, other appropriated funds, nonappropriated funds and federal funds that are required to support the strategic plan.  The agency shall also provide an executive summary of the strategic plan.  The executive summary shall not exceed five pages in length. The strategic plan, including the executive summary, shall be posted on the agency's official internet website and submitted to the governor's office of strategic planning and budgeting and to the staff of the joint legislative budget committee on or before January 1 of each year.

C. Consistent with instructions issued by the governor, the administrative head of each budget unit is responsible for:

1. Developing an operating plan for each program identified in subsection A of this section.  The plan shall use the format required in subsection D of this section and be submitted to the governor's office of strategic planning and budgeting on or before September 1 of each year.  Each budget unit shall annually submit performance measures and budgetary data for the prior, current and ensuing fiscal years.

2. Developing a mission statement, a description and strategic issues for the entire budget unit as part of the operating plan to be submitted to the governor's office of strategic planning and budgeting on or before September 1 of each year.  The mission statement, description and strategic issues shall be submitted at the same time to the staff of the joint legislative budget committee.

D. The operating plan shall include a mission statement, a description, goals, performance measures that emphasize results and budgetary data. The budgetary data shall include funding amounts, regardless of source.

E. The governor's office of strategic planning and budgeting shall compile the submissions required in subsection C, paragraphs 1 and 2 of this section and, not later than five days after the regular session of the legislature convenes of each even-numbered year, shall publish a master list of programs that are performed or overseen by state government. The master list shall include the program description, agency description, mission statement, strategic issues, goals, performance measures and budgetary data.
A.R.S. § 35-822 — Arizona Code / Title 35 / Chapter 6 / Article 2 / Section 822
35-822 Security for bonds
Status: in_force

35-822. Security for bonds

The principal and interest of any bonds issued by the corporation may be secured by a pledge of the revenues and receipts of the corporation out of which the principal and interest are to be made payable, by a mortgage covering all or any part of the properties of the corporation or corporations from which the revenues or receipts so pledged may be derived or a mortgage covering any properties of a borrower or lessee, including any enlargements and additions to any such properties, or by such other security as may be prescribed in the proceedings of the board of directors authorizing the issuance of the bonds. The proceedings under which bonds are authorized to be issued and any mortgage may contain any agreements and provisions respecting the maintenance of the properties covered thereby, the fixing and collection of rents for any portions thereof leased 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 and such other provisions as are not inconsistent with the provisions of this chapter, all as the board of directors shall deem advisable and not in conflict with the provisions of this article. Each pledge, lease, loan agreement or mortgage made to secure any of the bonds of the corporation shall continue to be effective until the principal and interest of the bonds so secured have been fully paid or adequate provisions for such payment have been made. A default in any agreement 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 suit, by the appointment of a receiver, by the foreclosure of any mortgage, or any one or more of the remedies specified in the proceedings authorizing the issuance of such bonds.
A.R.S. § 35-102 — Arizona Code / Title 35 / Chapter 1 / Article 1 / Section 102
35-102 Fiscal year
Status: in_force

35-102. Fiscal year

A. The fiscal year of the state and for the expenditure of appropriations shall commence July 1 each year. Accounts or annual reports of state officials required by law to be published, shall be prepared and published for the fiscal year as established by this section.

B. The fiscal year beginning July 1, 1955, shall be known as the forty-fourth fiscal year and thereafter each fiscal year shall be designated in progressive numerical sequence.
A.R.S. § 35-111 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 111
35-111 Executive budget
Status: in_force

35-111. Executive budget

Not later than five days after the regular session of the legislature convenes, the governor shall submit to the legislature a budget containing a complete plan of expenditures proposed to be made before the close of the next fiscal year for budget units and all monies and revenues estimated to be available therefor, together with an explanation of the basis of the estimates and recommendations as to proposed legislation, if any, that the governor deems necessary to provide revenues sufficient to meet the proposed expenditures.
A.R.S. § 35-460 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 460
35-460 Erection of buildings
Status: in_force

35-460. Erection of buildings

If bonds for the purpose of erecting and furnishing a public building are authorized at the election, the board of supervisors for a county and the governing body of a city, town or other municipal corporation shall authorize the design and construction of the building in accordance with title 34.