A.R.S. § 35-1003 — Arizona Code / Title 35 / Chapter 8 / Article 1 / Section 1003
35-1003 Enforceability
Status: in_force

35-1003. Enforceability

Absent bad faith or actual knowledge to the contrary, a counterparty that enters into a swap agreement with a governmental entity may rely on a representation by that governmental entity that it is authorized or empowered to enter into the swap agreement. Notwithstanding the failure by that governmental entity to comply with the provisions of this chapter, that counterparty may enforce the swap agreement against the governmental entity.
A.R.S. § 35-902 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 902
35-902 Allocation
Status: in_force

35-902. Allocation

A. Subject to this chapter, the total amount of the state ceiling is allocated among projects pursuant to this section. The director shall issue confirmations on a first-come, first-served basis, subject to section 35-904, subsection A in the event of oversubscription, within any particular category of projects as described in subsection C, D or E of this section.

B. Twenty-five percent of the state ceiling is allocated to projects that are designated at the sole discretion of the director.

C. Thirty percent of the state ceiling is allocated to qualified mortgage revenue bonds and qualified mortgage credit certificate programs, including bonds and certificate programs for home improvement and rehabilitation.

D. Forty percent of the state ceiling is allocated to qualified residential rental projects as described in section 142(d) of the United States internal revenue code of 1986.

E. Five percent of the state ceiling is allocated to manufacturing projects.

F. A request shall not be filed and a confirmation shall not be issued to a project unless the project is subject to section 146 of the code.  A project is not deemed to have been allocated any portion of the state ceiling unless, in connection with the project, this chapter has been substantially complied with.

G. Any request on file with the authority for which a confirmation has not been issued by 5:00 p.m. on March 31, other than a request for an allocation pursuant to subsection B or D of this section, is deemed to have expired at 5:00 p.m. on March 31. Other than a confirmation made pursuant to subsection B of this section or for which confirmations have not been extended pursuant to section 35-910, all or any part of any 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, evidenced by the filing of a certificate of closing with the authority, is deemed to have expired.

H. At any given time, an issuer, or an issuer together with one or more other issuers, may not file more than one request for each project, except that the authority may satisfy an allocation request from one or more categories of projects as described in subsection B, C, D or E of this section. This subsection does not prohibit an issuer from refiling a request for a given project if a prior request has expired or filing a request for each separate and distinct project.

I. Beginning from and after October 30, 2023 until July 31, 2030:

1. From March 31 through July 31 of each year, except for the percentage allocated by the director pursuant to subsection B of this section, sixty percent of the remaining state ceiling is allocated to projects prescribed in subsections C and D of this section.

2. Notwithstanding section 35-905, subsection A, from March 31 through July 31 of each year, a confirmation may not be allocated to a project prescribed in subsection C of this section in an amount greater than $35,000,000.
A.R.S. § 35-809 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 809
35-809 Recordation of documents
Status: in_force

35-809. Recordation of documents

The articles of incorporation and the certificate of dissolution of the corporation shall be filed for record with the corporation commission.
A.R.S. § 35-328 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 328
35-328 Investment of sinking funds
Status: in_force

35-328. Investment of sinking funds

A. All sinking funds of this state, or a county, city, town or school district, or hospital, irrigation or drainage district organized as provided by law may be invested and reinvested by the governing body or officer in charge of the sinking funds. The investment shall be made for the best interests of the state or political subdivision described in this subsection.

B. In the absence of specific direction in the bond indenture, the funds may be invested or reinvested in any of the investment securities allowed for trust funds.
A.R.S. § 35-407 — Arizona Code / Title 35 / Chapter 3 / Article 1 / Section 407
35-407 Payment of bonds and interest
Status: in_force

35-407. Payment of bonds and interest

When bonds are issued, the taxes upon which they are based and by which they are secured shall, when and as collected, be kept by the treasurer and used solely for payment of the bonds and interest thereon, until all of the bonds, together with the interest, are paid in full. The treasurer may pay the interest on the bonds from the general fund. No interest shall be paid on any bond for any period after the date it is payable or after the date the treasurer calls the bond for payment, whichever date is later.
A.R.S. § 35-381 — Arizona Code / Title 35 / Chapter 2 / Article 6 / Section 381
35-381 Acceptance of warrants in payment of debts; exception
Status: in_force

35-381. Acceptance of warrants in payment of debts; exception

Warrants that are lawfully issued by a county, city or town, or by a county school superintendent on behalf of a school district, are assignable and shall be accepted at face value with accrued interest in payment of not more than seventy-five percent of any debt or demand, including taxes, due the political subdivision on behalf of which the warrants are issued.  Any such warrant shall not be accepted to pay taxes levied for a political subdivision other than that against which the warrant is drawn.
A.R.S. § 35-326.01 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 326.01
35-326.01 Long-term local government investment pools; management fees; deposit
Status: in_force

35-326.01. Long-term local government investment pools; management fees; deposit

A. The state treasurer may establish new long-term local government investment pools for trust and treasury monies, cities, towns, tribal governments, counties and political subdivisions of this state. The terms of the investment pools shall be as determined by the state board of investment.

B. Monies received by the state treasurer from management fees of the long-term local government investment pools shall be deposited in the state treasurer's operating fund established by section 35-316.
A.R.S. § 35-481 — Arizona Code / Title 35 / Chapter 3 / Article 4.1 / Section 481
35-481 Applicability
Status: in_force

35-481. Applicability

A. The provisions of this article shall be applicable when installments of principal and interest of a special assessment in a specific amount secured by a lien on property and on the security of which bonds shall have been issued either collectible in the manner and by the officers provided for the collection and enforcement of the general taxes levied by a municipality or district only, or which may be collectible by such method and for which a resolution providing for such collection shall have been adopted.

B. Notwithstanding any provision of law to the contrary relating to, or any informalities, illegalities or irregularities in the collection of such installments, the remedy provided by this article shall be available, in addition to the other remedies provided by law, in the collection of delinquent installments.
A.R.S. § 35-120 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 120
35-120 Additional powers of governor
Status: in_force

35-120. Additional powers of governor

A. In aid of any powers vested in the governor under this article, the governor:

1. Shall have access to offices of all budget units.

2. May examine all books, papers, records and documents in the office of any budget unit.

3. May require any state officer or head of any budget unit to furnish such data, information or statements as may be necessary.

B. The provisions of this section shall apply to the board of regents and the institutions under the jurisdiction of the board of regents, only as they relate to the appropriations requested.

C. The power of the governor as prescribed by the terms of this section, to investigate budget units, including the board of regents, may be delegated to the office of strategic planning and budgeting or the department of administration. Such power may be used and shall extend to funds appropriated by the legislature in its relation to budget preparation for the current and preceding fiscal year. The powers granted by the terms of this section may be exercised by the governor during any period of the fiscal year.
A.R.S. § 35-467.03 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467.03
35-467.03 Limitations on issuance of notes
Status: in_force

35-467.03. Limitations on issuance of notes

The amount of revenue anticipation notes issued by a taxing district in any fiscal year shall not exceed fifty per cent of the aggregate of all uncollected revenues estimated to be received by the district in the fiscal year as shown by the budget. Such revenues shall be limited to assessments, charges, fees or other revenues derived from or associated with facilities existing and operating at the time the revenue anticipation notes are sold.
A.R.S. § 35-327 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 327
35-327 Treasurer; duties; safekeeping of securities; warrants of financial officers; earnings; exemptions; responsibilities
Status: in_force

35-327. Treasurer; duties; safekeeping of securities; warrants of financial officers; earnings; exemptions; responsibilities

A. In investing trust monies, the responsible financial officer shall draw a warrant, check or electronic funds transfer voucher at the direction of the treasurer, payable from the proper fund to pay for the security purchased.

B. A treasurer is responsible for the safekeeping of all securities acquired by the treasurer under this section. Any such securities may be deposited for safekeeping with any trust company that has its principal place of business in this state or that is qualified to do a trust business in this state.

C. A treasurer shall regularly account for, itemize and inventory according to general public fund accounting practices all securities coming lawfully into the treasurer's possession. Such practice shall be audited by the auditor general for the counties and by an independent auditor for cities and towns at the time of the regular audit as prescribed by law.

D. The treasurer, at the expense of the subdivision and with the approval of the governing board, may enter into an agreement with the trust department of any bank or banks authorized to do a trust business in this state for safekeeping and handling securities of which the treasurer is lawful custodian. The agreement shall be entered into under terms and conditions that secure the proper safeguarding, inventory, withdrawal and handling of the securities. Access to, deposits of or withdrawals of the securities from any place of deposit selected by the officers shall not be permitted or made except as the terms of the agreement provide. The agreement need not require that securities be physically located in this state if the securities are represented by safekeeping receipts issued for the account of the treasurer by a federal reserve bank or any bank located in a reserve city whose combined capital and surplus on the date of the safekeeping receipt is $10,000,000 or more.

E. When securities acquired under this section mature and become due and payable, the treasurer shall present them for payment according to their terms and collect the monies payable on them. The monies collected shall be treated as subdivision monies subject to reinvestment or operating needs or trust monies subject to the provisions of the trust.

F. The treasurer shall allocate pooled income earnings on a pro rata basis to agency pool participants. Involuntary pool participants shall have the income earnings for their monies deposited in the general fund of the collecting entity.

G. As provided in this article, the governing body of any subdivision or of any agency, department, board or commission of this state or of any subdivision, by adopting a resolution of continuing effect, may authorize the treasurer to invest monies collected for the governing body.

H. The investment of public monies as provided in this section is exempt from section 35-142, subsection B and sections 35-154, 35-181.01, 35-181.02, 35-182, 35-183, 35-184, 35-185, 35-185.01, 35-185.02, 35-186, 35-187, 35-188, 35-189, 35-190, 35-191, 35-192, 35-192.01, 35-192.02, 35-193, 35-193.02 and 41-732.

I. A treasurer is responsible for safekeeping, managing and disbursing any investment made and any interest received in compliance with this article.
A.R.S. § 35-513 — Arizona Code / Title 35 / Chapter 3 / Article 7 / Section 513
35-513 Rebate set-aside; authorization
Status: in_force

35-513. Rebate set-aside; authorization

The state treasurer or the treasurer of any political subdivision may set aside such amounts as may be directed by the governing body or may in such treasurer's discretion be sufficient to meet potential rebate requirements.
A.R.S. § 35-113.01 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 113.01
35-113.01 Request for federal funds
Status: in_force

35-113.01. Request for federal funds

A. All state agencies, boards, commissions and departments shall submit to the department of administration for acknowledgment, copies of all agreements, contracts and copies of all applications and requests for federal funds, to be used for any purpose.

B. Every state agency, board, commission or department seeking federal funds for any project or program shall furnish to the department of administration with each copy of application or request a statement of the purposes for which any such project or program is desired or advocated, the source and amount of funds to be granted or provided therefor, and a statement of the conditions, if any, upon which such funds are to be provided. The director may at his discretion accept from the state agency, board, commission or department a summary of the information required in this section.

C. All departments, agencies, boards or commissions, shall forward an acknowledgment to the department of administration upon receipt of federal funds.
A.R.S. § 35-465 — Arizona Code / Title 35 / Chapter 3 / Article 3.1 / Section 465
35-465 Definitions
Status: in_force

35-465. Definitions

In this article, unless the context otherwise requires:

1. "City" means any city incorporated under the laws of this state. "City" also includes any town incorporated under the laws of this state.

2. "County" means any county now or hereafter in existence in the state.

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

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

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

6. "School district" means any school district now or hereafter in existence in the state.

7. "State" means the state of Arizona.

8. "Taxes" means ad valorem taxes levied or to be levied by the taxing district in the fiscal year, sales taxes and transaction privilege taxes levied by the taxing district and all amounts returned to the taxing district by the state. The term "taxes" does not include ad valorem taxes levied to pay principal of or interest or redemption charges on any bonded indebtedness of the taxing district or sales or transaction privilege taxes which by law or contract must be used by such district for specified purposes, such as motor vehicle fuel taxes.

9. "Taxing district" means any city, county, school district or municipal corporation having the power to levy ad valorem taxes.

10. "Treasurer" means the treasurer of the taxing district or the ex officio tax collector of the taxing district.
A.R.S. § 35-702 — Arizona Code / Title 35 / Chapter 5 / Article 1 / Section 702
35-702 Proceedings to incorporate industrial development authority
Status: in_force

35-702. Proceedings to incorporate industrial development authority

A. Whenever any number of natural persons, not less than three, each of whom is a qualified elector of the municipality or the county or, in the case of a corporation to be formed with the permission of the Arizona finance authority or the Arizona board of regents, qualified electors of this state, file with any governing body thereof an application in writing seeking permission to apply for the incorporation of an industrial development board of the municipality or county, the governing body shall consider the application. If the governing body by resolution finds and determines that it is wise, expedient, necessary or advisable that the corporation be formed and authorizes the persons making the application to form the corporation, then the persons making the application shall proceed to incorporate as prescribed by this chapter. A corporation may not be formed unless the application first has been filed with the governing body having jurisdiction and the governing body adopts a resolution as provided in this section. Any corporation when formed shall be a political subdivision of this state and have only the governmental powers as are set forth in this chapter or in chapter 6 of this title and the power to enter into intergovernmental agreements in accordance with title 11, chapter 7, article 3.

B. Only one corporation shall be approved by a municipality or county for operation at any time.
A.R.S. § 35-393.02 — Arizona Code / Title 35 / Chapter 2 / Article 9 / Section 393.02
35-393.02 Investment; restricted companies list; notice; immunity; exception
Status: in_force

35-393.02. Investment; restricted companies list; notice; immunity; exception

A. On or before April 1 of each year, each public fund shall prepare a list of restricted companies and shall provide a copy of the list on request.

B. In preparing the list of restricted companies, the public fund may consider at least the following:

1. Publicly available information, including information provided by nonprofit organizations, research firms and government entities.

2. Information prepared by an independent research firm retained by the public fund.

3. A statement by a company that it is participating in a boycott of Israel or that it has taken a boycott action at the request of, in compliance with or in furtherance of calls for a boycott of Israel.

C. The public fund shall notify each company that is included on the list of restricted companies that the company is subject to divestment by the state treasurer, the retirement systems and each public entity.

D. If a company that receives notice pursuant to subsection C of this section submits a written certification to the public fund that it has ceased its boycott of Israel and will not engage in a boycott of Israel for the period of time that the state treasurer or a retirement system invests in the company, the public fund shall remove the company from the restricted list.

E. Each public fund and each public entity shall:

1. Sell, redeem, divest or withdraw all direct holdings of a restricted company from the assets under its management in an orderly and fiducially responsible manner within three months after the lists of restricted companies are prepared pursuant to subsection A of this section. On or before August 1 of each year, the state treasurer, each retirement system and each public entity shall post on their websites a list of investments that are sold, redeemed, divested or withdrawn pursuant to this paragraph.

2. Not acquire securities of a restricted company as part of its direct holdings.

3. Request that managers of its indirect holdings consider selling, redeeming, divesting or withdrawing holdings of a restricted company from the assets under its management.

F. With respect to any action performed pursuant to this section, the state treasurer, each retirement system, each public entity and any person acting on behalf of the state treasurer, the retirement system or the public entity:

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

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

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

G. This section does not apply to investments that are made by the state treasurer pursuant to section 35-314.01.
A.R.S. § 35-147 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 147
35-147 Treasurer's deposits; preparation and disposition
Status: in_force

35-147. Treasurer's deposits; preparation and disposition

A. The head of the budget unit or his authorized agent in depositing monies with the state treasurer shall use forms authorized by the state treasurer.

B. The treasurer's deposit shall be delivered to the state treasurer together with the remittance or proof of prior deposit with the state servicing bank.  The state treasurer shall validate the deposit and provide a confirmation to the budget units to be retained by the issuing budget unit. The treasurer's confirmation shall show the amount, the date deposited and a unique identifying number that will link the deposit to accounting documents and fund details maintained in the statewide accounting system. The treasurer's deposit forms shall be issued to the budget units by the department of administration. The administrative head of each budget unit shall be held accountable for each deposit.
A.R.S. § 35-1002 — Arizona Code / Title 35 / Chapter 8 / Article 1 / Section 1002
35-1002 Swap agreements; provisions; purposes; credit enhancement
Status: in_force

35-1002. Swap agreements; provisions; purposes; credit enhancement

A. A governmental entity may enter into, modify, amend and terminate one or more swap agreements that it determines to be necessary or desirable in connection with, or incidental to, the conduct of its activities, including in connection with the issuance, carrying or securing of obligations or the acquisition or carrying of investments. A governmental entity may enter into swap agreements that are to be effective at a future date or that constitute an option to enter into swap agreements. Swap agreements entered into by a governmental entity shall contain such provisions, including payment, term, security, collateralization, termination penalty, default and remedy provisions, and shall be with such parties as the governmental entity determines to be necessary or desirable after due consideration to the creditworthiness of the parties. If the party to the swap agreement that is not the governmental entity is not rated by a nationally recognized rating agency in one of the top two rating categories of the rating agency at the time the swap agreement is entered into, the party shall collateralize its obligations under the swap agreement with securities or cash acceptable to the governmental entity. Swap agreements may be payable from revenues of a utility undertaking, excise taxes, ad valorem taxes, street and highway revenues, monies that may be pledged to pay debt service on any bonds or other long-term obligations relating to the swap agreements, or any other legally available monies, as determined by the governmental entity.

B. A governmental entity shall not enter into a swap agreement other than to implement its investment policy or for the purpose of managing an interest rate, commodity price, investment or similar risk that arises in connection with, or incidental to, the activities of the governmental entity. A governmental entity shall not carry on a business of acting as a dealer in swap agreements.

C. In connection with entering into any swap agreement a governmental entity may enter into agreements that enhance the governmental entity's credit in the swap agreement or enhance the liquidity of the swap agreement, including a line of credit, letter of credit, insurance policy or other security.
A.R.S. § 35-425 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 425
35-425 Delivery of bonds
Status: in_force

35-425. Delivery of bonds

A. When the sale is awarded, the loan commissioners shall procure the necessary bonds, and, after signing the bonds, deliver them to the state treasurer, taking his receipt for the bonds, and charging him therewith. The treasurer shall deliver the bonds to the purchaser for cash, or exchange them for any of the indebtedness for the redemption of which they were issued.

B. Bonds shall not be sold or exchanged for less than their face value and accrued interest at the time of delivery, nor shall any indebtedness be redeemed at more than its face value and accrued interest.

C. The state treasurer shall endorse the time when and the amount for which exchanged upon the face of the paper evidencing the indebtedness received by him in exchange.
A.R.S. § 35-465.04 — Arizona Code / Title 35 / Chapter 3 / Article 3.1 / Section 465.04
35-465.04 Application of taxes; payment of notes
Status: in_force

35-465.04. Application of taxes; payment of notes

Upon the issuance of any tax anticipation notes all taxes which are pledged to pay the notes and which are thereafter received by the taxing district shall be collected and held in the manner set forth in the resolution authorizing the notes or the notes themselves. The resolution authorizing the issuance of the notes shall set forth a pledge of tax revenues describing the times and amount of taxes which must be set aside to repay the notes. Monies pledged to repay the notes shall be used to pay principal and interest on the tax anticipation notes in the manner provided in such resolution. These notes shall be paid on or before July 31 following the end of the fiscal year in which the notes are issued. Any other law to the contrary notwithstanding, this article shall be full authority for the payment when due, or for redemption in advance of maturity, of all principal and interest and redemption premiums on the notes.
A.R.S. § 35-196.04 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 196.04
35-196.04 Use of public monies prohibited; human cloning research involving fetal remains from abortion; other prohibited research; definition
Status: in_force

35-196.04. Use of public monies prohibited; human cloning research involving fetal remains from abortion; other prohibited research; definition

A. Notwithstanding any other law, tax monies of this state or any political subdivision of this state, federal monies passing through the state treasury or the treasury of any political subdivision of this state or any other public monies shall not be used by any person or entity, including any state funded institution or facility, for human somatic cell nuclear transfer, commonly known as human cloning.

B. Notwithstanding any other law, public monies or tax monies of this state or any political subdivision of this state, any federal monies 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 or granted to or on behalf of an existing or proposed research project that involves fetal remains from an abortion or human somatic cell nuclear transfer or any research that is prohibited by title 36, chapter 23.

C. This section does not restrict areas of scientific research that are not specifically prohibited by this section, including research in the use of nuclear transfer or other cloning techniques to produce molecules, deoxyribonucleic acid, cells other than human embryos, tissues, organs, plants or animals other than humans.

D. For the purposes of this section, "human somatic cell nuclear transfer" means human asexual reproduction that is accomplished by introducing the genetic material from one or more human somatic cells into a fertilized or unfertilized oocyte whose nuclear material has been removed or inactivated so as to produce an organism, at any stage of development, that is genetically virtually identical to an existing or previously existing human organism.
A.R.S. § 35-143.01 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 143.01
35-143.01 Special funds; appropriation; reversion; use
Status: in_force

35-143.01. Special funds; appropriation; reversion; use

A. All monies deposited in special agency funds of self-supporting regulatory agencies, as provided in section 35-142, to be used by such agency for administration and enforcement, shall be subject to annual legislative appropriation.

B. Unless otherwise provided by the legislature, a special fund self-supporting regulatory agency shall not expend more monies than are appropriated by the legislature for a fiscal year, and any monies remaining at the end of the fiscal year revert to the special agency fund.

C. Any unexpended or unencumbered balance of monies remaining in the special funds of self-supporting regulatory agencies as provided in section 35-142 at the end of the fiscal year shall not revert to the state general fund and may be made available by the legislature for use by the agency for the following fiscal year.
A.R.S. § 35-751 — Arizona Code / Title 35 / Chapter 5 / Article 4 / Section 751
35-751 Earnings of the corporation and exemption from restrictions
Status: in_force

35-751. Earnings of the corporation and exemption from restrictions

A. The corporation shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation.

B. A project shall be exempt from any requirement of competitive bidding or other restrictions imposed on the procedure for the financing of public improvements or the award of contracts for the construction of public improvements and shall also be exempt from any restrictions imposed on municipalities, counties or political subdivisions relating to the leasing, sale or other disposition of property or funds.

C. At the end of each fiscal year, the Arizona industrial development authority shall:

1. Transfer all unencumbered monies in excess of the authority's operating costs generated after August 6, 2016 from single family mortgage programs that were in existence before August 6, 2016 to the housing trust fund established by section 41-3955.

2. After the transfer is made pursuant to paragraph 1 of this subsection, transfer all unencumbered monies in excess of the authority's operating costs to the economic development fund established by section 41-5302.
A.R.S. § 35-466.08 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466.08
35-466.08 Prohibition against obligating state or political subdivisions; payment from grant revenues
Status: in_force

35-466.08. Prohibition against obligating state or political subdivisions; payment from grant revenues

The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any grant anticipation notes. Grant anticipation notes shall not be obligations of the state or any political subdivision and shall not constitute a debt, legal or moral, of the state or any political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any funds of the state or a political subdivision other than grant revenues which have been paid into a grant anticipation note principal and interest redemption fund established pursuant to section 35-466.04. A holder of a grant anticipation note may not compel the payment of grant revenues to an issuer.
A.R.S. § 35-325 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 325
35-325 Servicing bank of public monies
Status: in_force

35-325. Servicing bank of public monies

A. Any bank that qualifies to become an eligible depository of the deposits of public monies, that has a total capital structure of ten million dollars or more, resources of one hundred million dollars or more and that is otherwise in a sound condition is eligible to be the servicing bank for the deposits of state and county monies.

B. No later than the first Monday in March of each year of award, the county boards of deposit shall in writing notify each of the banks qualified to be a servicing bank of the time and place at which servicing bids will be received. Notification of bids shall clearly specify all services required to be performed by the servicing bank. The servicing bid solicited shall be the sum of dollars 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 deposit. The award shall be made for an initial period of not more than three years with the option to renew for two years on the mutual consent of the parties and may be paid from general fund interest earnings according to rules adopted by the board of deposit.

C. No later than the fourth Monday in April of the year of the award, county boards of deposit shall meet and receive the servicing bids in writing. Only those bids which conform to the specifications set forth in the notification of bids shall be considered. Bids shall be evaluated based on response, price, services, qualifications and other scope of work factors that are detailed in the bid documents.  The qualified bank representing the highest rated bid shall be designated as the servicing bank.  Designations shall be evidenced by the signing of the notification of bid by the treasurer and the designee bank.

D. A treasurer or servicing bank may terminate a servicing bank contract at any time after one hundred eighty days' prior written notice is given.

E. This section does not require any treasurer to utilize a servicing bank.

F. This section or the specifications set forth in the notification of bids shall not be construed to require the servicing bank to purchase warrants.
A.R.S. § 35-117 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 117
35-117 Participation of governor-elect in budget hearings
Status: in_force

35-117. Participation of governor-elect in budget hearings

The governor-elect shall be entitled to participate in all budget hearings and shall be furnished a copy of the budget report as approved by the governor.
A.R.S. § 35-324 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 324
35-324 Investment of trust funds
Status: in_force

35-324. Investment of trust funds

The treasurer shall invest and reinvest monies of trust funds in:

1. Any securities allowed for the investment of public monies.

2. Fixed income securities of corporations organized and doing business in any state of the United States or the District of Columbia that carry one of the two highest ratings of Moody's investors service and Standard and Poor's rating service or their successors. If only one of these services rates the security, it must carry the highest rating of that service. If a rating change occurs after purchase, it is not mandatory to sell the security.
A.R.S. § 35-465.02 — Arizona Code / Title 35 / Chapter 3 / Article 3.1 / Section 465.02
35-465.02 Form of notes
Status: in_force

35-465.02. Form of notes

The 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 prior to the next July 31 following the end of the fiscal year in which the notes are issued, 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 may provide. The notes may be sold above, at or below par at either public or private sale. The term "public sale" shall include sale by either auction or sealed bid upon such terms, conditions and notice as the governing body may prescribe. The notes shall be fully negotiable for all purposes as set forth in title 47, chapter 3.
A.R.S. § 35-466.03 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466.03
35-466.03 Limitations on issuance of notes
Status: in_force

35-466.03. Limitations on issuance of notes

The amount of such notes secured by grant revenues issued by the issuer shall not exceed the aggregate of all uncollected grant revenues to be received by the governing body under the terms of the applicable grant agreement or agreements.
A.R.S. § 35-114 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 114
35-114 Continuous financial planning; submission of tentative budget report; appropriations estimate report
Status: in_force

35-114. Continuous financial planning; submission of tentative budget report; appropriations estimate report

A. The governor shall have in continuous process of preparation and revision a tentative budget report for the next fiscal year for budget units. On receipt of the estimates of the several budget units, the governor shall check the estimates with information available to the governor and shall make further inquiries and investigations and recommend changes in the tentative budget report the governor deems warranted.

B. The governor's office of strategic planning and budgeting in consultation with the joint legislative budget committee staff shall determine and report to the governor and the legislature an estimate of appropriations subject to the limit imposed by article IX, section 17, Constitution of Arizona. The report shall be published by February 15 of each year for the preceding fiscal year, for the current fiscal year and for the ensuing fiscal year to reflect the budget recommendations of the governor.
A.R.S. § 35-467.01 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467.01
35-467.01 Revenue anticipation notes
Status: in_force

35-467.01. Revenue anticipation notes

After a taxing district has adopted a budget for the fiscal year as provided by law and the governing body determines that the revenues to be received by the district will not be received in time to pay the district's projected expenses as set forth in the budget, the governing body may issue and sell revenue anticipation notes. The principal and interest on the revenue anticipation notes shall be paid solely from the revenues estimated by the taxing district to be received within that fiscal year.
A.R.S. § 35-329 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 329
35-329 Funds of charter cities
Status: in_force

35-329. Funds of charter cities

The provisions of this article relating to collateral for deposits of public monies in financial institutions apply to deposits in financial institutions of the funds of cities governed by charter.
A.R.S. § 35-316 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 316
35-316 Investment pools; deduction; state treasurer's operating fund
Status: in_force

35-316. Investment pools; deduction; state treasurer's operating fund

A. The state treasurer may establish and maintain investment pools for the collective investment of trust monies in this state.

B. The state treasurer may deposit operating monies in the investment pools and receive into such pools any monies a state agency, county, city or town or any other political subdivision or public entity in this state may supply. When a depositor provides monies, the state treasurer may ask the depositor to specify the date or dates on which the monies will be withdrawn.  All investment pools shall be invested by the state treasurer for such periods as will facilitate the highest return on the monies deposited and provide the required liquidity to the depositors.

C. The state treasurer shall compute on a monthly basis the rate of earnings on the investment pools for that month, and, except as provided in subsection D of this section, each depositor shall be credited with an amount determined by applying the calculated monthly rate to the principal amount of its deposit balance for the period of the deposit. Interest shall be credited monthly promptly after calculation.

D. The state treasurer may deduct monthly a management fee not to exceed six-hundredths of one percent from the rate of earnings calculated pursuant to subsection C of this section on investment pools other than permanent endowment funds for the operating budget appropriated to the state treasurer's office each fiscal year.

E. The state treasurer's operating fund is established consisting of monies collected pursuant to subsection D of this section and section 35-326.01. The state treasurer's office shall administer the state treasurer's operating fund.  Monies in the fund are subject to legislative appropriation.  Any management fees collected in excess of the amount appropriated to the state treasurer's office from the state treasurer's operating fund shall be deposited in the state general fund.
A.R.S. § 35-421 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 421
35-421 State loan commissioners; issuance of bonds; exemption of bonds from taxes
Status: in_force

35-421. State loan commissioners; issuance of bonds; exemption of bonds from taxes

A. The governor, the director of the department of administration and the state treasurer shall constitute the loan commissioners of the state of Arizona.

B. The loan commissioners shall provide for payment of state indebtedness. For the purpose of paying, redeeming and refunding all or any part of the principal and interest of such indebtedness, the loan commissioners may, from time to time issue negotiable coupon bonds of the state when they can be sold at a lower rate of interest than previously paid or when they can be issued and sold at a profit and benefit to the state.

C. Bonds issued under the provisions of this article shall not be taxed within this state.
A.R.S. § 35-212 — Arizona Code / Title 35 / Chapter 1 / Article 6 / Section 212
35-212 Injunctive and civil remedies; time limit; definition
Status: in_force

35-212. Injunctive and civil remedies; time limit; definition

(L21, Ch. 404, sec. 50)

A. The attorney general in the attorney general's discretion may bring an action in the name of this state to:

1. Enjoin the illegal payment of public monies, including violations of section 11-952 and title 41, chapter 23.

2. Recover illegally paid public monies plus twenty percent of that amount together with interest and costs, including reasonable attorney fees, to be paid to the state treasurer or other appropriate official or, in the case of public monies of a political subdivision that did not originate or were not received from this state, to the political subdivision, to the credit of the fund from which the payment was made.

B. The attorney general may bring an action to recover illegally paid public monies against:

1. Any person who received the illegal payment.

2. The public body or the public officer acting in the officer's official capacity who ordered or caused the illegal payment or has supervisory authority over the person that ordered or caused the illegal payment.

3. The public official, employee or agent who ordered or caused the illegal payment, including a payment ordered or caused to be made without authorization of law.

4. The public official, employee or agent of this state, a political subdivision of this state or a budget unit who knowingly uses public monies or other public resources, including email, equipment or compensated work time, to organize, plan or execute any activity that impedes or prevents a public school from operating for any period of time, unless the public official, employee or agent is acting in good faith and in furtherance of the official's, employee's or agent's official duties.

5. The teacher, administrator or other employee of a school district or charter school or the state employee whose violation of section 15-717.02 resulted in an illegal use of public monies.

C. A public official, employee or agent of this state, a political subdivision of this state or a budget unit who is charged with collecting, receiving, safekeeping, transferring or disbursing public monies may be held personally liable for an illegal payment of public monies, including payment made without authorization of law.

D. A public official, employee or agent of this state, a political subdivision of this state or a budget unit who is responsible for disbursing, collecting, receiving, safekeeping or transferring public monies pursuant to a warrant, check or substitute check, electronic funds transfer voucher or other form of claim that does not originate from the public official, employee or agent making the disbursal may not be held personally liable for illegal payments made pursuant to such warrants, checks or substitute checks, electronic funds transfer vouchers or other claims unless the public official, employee or agent knew or should have known that a warrant, check or substitute check, electronic funds transfer voucher or other claim would result in an illegal payment of public monies.

E. An action brought pursuant to this article is subject to title 12, chapter 7, article 2. If the action is brought by the attorney general, the action must be brought within five years after the date an illegal payment was ordered and section 12-821.01 does not apply to the action.

F. For the purposes of this section, "public monies" includes all monies coming into the lawful possession, custody or control of budget units, state agencies, boards, commissions or departments or a state officer, employee or agent in an official capacity, and all monies coming into the lawful possession, custody or control of a tax-supported political subdivision or an officer, employee or agent of a tax-supported political subdivision in an official capacity irrespective of the source from which, or the manner in which, the monies are received.
A.R.S. § 35-762 — Arizona Code / Title 35 / Chapter 5 / Article 5 / Section 762
35-762 Reviewing entities; approval of developments; coordination; definitions
Status: in_force

35-762. Reviewing entities; approval of developments; coordination; definitions

A. Any reviewing entity exercising its statutory duties in connection with a project may agree with any other reviewing entity to share information, coordinate review schedules or jointly conduct reviews.

B. A reviewing entity, in its discretion, may cooperate in the review of a project financing by adopting in whole or in part substantially similar review work performed on the project financing by another reviewing entity that is also charged with review of the project financing if the review work completed by the other entity meets the standards of the reviewing entity.

C. A reviewing entity that adopts in whole or in part review work performed on the project financing by another reviewing entity is deemed for all purposes to have complied with its review responsibilities as if the review work had been performed by the reviewing entity itself.

D. For the purposes of this section:

1. "Project" means a nursing home, rest home, skilled nursing facility, senior residential facility providing on-site medical and support services or life care facility owned and operated by a nonprofit organization that is exempt from taxation under section 501(c)(3) of the United States internal revenue code that is seeking debt financing pursuant to this chapter or a permit pursuant to title 20, chapter 8.

2. "Reviewing entity" means an industrial development authority formed pursuant to this chapter, a governing body approving the formation of an industrial development authority or the department of insurance and financial institutions.
A.R.S. § 35-196 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 196
35-196 Illegal withholding or expenditure of state monies; civil liability
Status: in_force

35-196. Illegal withholding or expenditure of state monies; civil liability

Any state officer or employee who illegally withholds, expends or otherwise converts any state money to an unauthorized purpose shall be liable, either individually or on his bond, for the amount of such money, plus a penal sum of twenty per cent thereof, and an action may be instituted by the director of the department of administration or the attorney general immediately upon the discovery thereof.
A.R.S. § 35-468 — Arizona Code / Title 35 / Chapter 3 / Article 3.4 / Section 468
35-468 Definitions
Status: in_force

35-468. Definitions

In this article, unless the context otherwise requires:

1. "Bond" means a bond authorized and issued under this article.

2. "Political subdivision" means any county, school district, community college district or special taxing district organized under title 48 in which remote municipal property, as defined in section 42-15251, is located.

3. "Water transportation revenues" means monies received by a political subdivision pursuant to section 9-433.
A.R.S. § 35-909 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 909
35-909 Confirmation fees
Status: in_force

35-909. Confirmation fees

On the earlier of three business days after notice of issuance of the confirmation pursuant to section 35-904, subsection H or the filing of a certificate of closing, the authority shall be paid a nonrefundable confirmation fee of three hundred twenty dollars per million dollars for which a confirmation is issued. The failure to make timely payments of the confirmation fee shall result in the retroactive cancellation of the confirmation.
A.R.S. § 35-808 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 808
35-808 Dissolution of corporation
Status: in_force

35-808. Dissolution of corporation

Whenever the board of directors of the corporation shall determine that the purpose for which the corporation was formed has been substantially accomplished and that all issued bonds and other obligations of the corporation have been fully paid, the members of the board of directors of the corporation shall thereupon dissolve the corporation in accordance with the provisions of title 10, and any properties of the corporation shall be distributed and vest in the municipality or county.
A.R.S. § 35-314.04 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 314.04
35-314.04 Pension prefunding plan investment accounts; state treasurer; investment authority; definitions
Status: in_force

35-314.04. Pension prefunding plan investment accounts; state treasurer; investment authority; definitions

A. In addition to the investment authority pursuant to section 35-313, the state treasurer may invest and reinvest pension prefunding plan monies in equity securities pursuant to section 35-314 for pension prefunding plan investment accounts.

B. All pension prefunding plan monies shall be accounted for separately from all other funds. Monies may not be taken from one investment account for deposit in any other investment account.

C. All monies in pension prefunding plan investment accounts shall be invested in safe interest-bearing securities and prudent equity securities consistent with the requirements of section 35-314.

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

E. Pension prefunding plan monies are for the purpose of allowing employers that provide a defined benefit pension plan to their employees to prefund the employer's required defined benefit pension payments.

F. Pension prefunding plan monies are an integral part of this state and of the political subdivisions of this state and perform an essential governmental function. Investments of pension prefunding plan monies are intended to be structured and administered in a manner that results in the tax-exempt status of the pension prefunding plan's income.  The state board of investment may adopt rules, policies and procedures as the board deems necessary to ensure that the prefunding plan's income is not subject to federal income tax.

G. The governing body of an employer may authorize and request the state treasurer to invest pension prefunding plan monies in a pension prefunding plan investment account and set forth the terms of the distributions from such investment account for the employer pursuant to this section.

H. Pension prefunding plan investment accounts established pursuant to this section or any other section in this title and the pension prefunding plan monies in such accounts are separate and apart from the Arizona employers' pension prefunding plan established by title 38, chapter 5, article 7.1 and the assets, receipts, earnings and income of that plan.

I. For the purposes of this section:

1. "Defined benefit pension" means:

(a) The Arizona state retirement system established by title 38, chapter 5, articles 2 and 2.1.

(b) The elected officials' retirement plan established by title 38, chapter 5, article 3.

(c) The public safety personnel retirement system established by title 38, chapter 5, article 4.

(d) The corrections officer retirement plan established by title 38, chapter 5, article 6.

(e) Any defined benefit pension plan established by the governing body of any political subdivision of this state for its employees.

2. "Employer" means an employer as defined in section 38-711, 38-801, 38-842 or 38-881 or any governing body of a political subdivision of this state that has established a defined benefit pension plan for its employees.

3. "Tax-exempt status of pension prefunding plan's income" means that the prefunding plan's income is excluded from gross income for the purposes of the assessment of federal income tax under section 115 of the internal revenue code, intergovernmental immunity or similar grounds.
A.R.S. § 35-761 — Arizona Code / Title 35 / Chapter 5 / Article 5 / Section 761
35-761 Cooperation with public bodies
Status: in_force

35-761. Cooperation with public bodies

For the purposes of carrying out the intent and provisions of this chapter, the authorizing governing body may enter into cooperative agreements with any other governing bodies or with a state or any department or agency thereof, or with the United States or with any agency, department, or instrumentality thereof.
A.R.S. § 35-461 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 461
35-461 Payment of expenses of bond issues
Status: in_force

35-461. Payment of expenses of bond issues

The expenses of the proceedings provided for in this article shall be borne by the political subdivision instituting the proceedings. If the bonds authorized by this article are sold, the expenses thereof shall be deducted from the proceeds of the sale.
A.R.S. § 35-466.04 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466.04
35-466.04 Application of grant revenues; principal and interest redemption fund; payment of notes
Status: in_force

35-466.04. Application of grant revenues; principal and interest redemption fund; payment of notes

Upon the issuance of any grant anticipation notes, all grant revenues received by the issuer pursuant to the applicable grant agreement shall be collected and paid into a special fund to be known as the grant anticipation note principal and interest redemption fund until such time as monies in the fund are sufficient to pay all principal and interest on the notes when due, or redeemed prior to maturity. All monies in the special fund shall be used to pay principal and interest on the grant anticipation notes and shall be used for no other purpose so long as the notes are outstanding. Any law to the contrary notwithstanding, this article shall be full authority for the payment when due, or for redemption in advance of maturity, if the notes so provide, of all principal and interest and redemption premiums on the notes from the monies in the special fund.
A.R.S. § 35-501 — Arizona Code / Title 35 / Chapter 3 / Article 6 / Section 501
35-501 Records of bond issues; debt-level analysis and report; definitions
Status: in_force

35-501. Records of bond issues; debt-level analysis and report; definitions

A. On or before June 30 of each year, the department of administration shall ascertain and record in its office all issues of bonds, certificates of participation or other securities issued for a term in excess of one year by this state or a county, city, town, school district, irrigation district, other political subdivision or municipal property corporation within this state. The record shall show the date of issuance, amount, denomination, rates of interest, maturity, dates of the bonds, certificates of participation or securities and other information the department of administration requires.

B. The reports relating to the issuance of bonds and securities required under subsection A of this section shall be filed with the department of administration within sixty days after the issuance and shall contain the following information:

1. The par amount of the bonds or securities.

2. The interest rate, by maturity of the bonds or securities.

3. The repayment schedule, showing both principal and interest for the issue.

4. The sources of repayment.

5. The original issue price and any premium or discount, by maturity, for the issue.

6. A detailed listing of all issuance costs, regardless of source of payment, including underwriter's compensation, bond counsel fees, financial advisor fees, verification agent fees, placement agent fees, investment securities brokerage fees, registrar fees, trustee fees, credit enhancement fees, rating agency fees, printing costs, registration fees, transfer and recording fees and any other costs directly or indirectly earned or paid as a result of the issuance of the bonds or securities, as determined by the department of administration.

7. The total amount of parity bonds or securities outstanding, including the issue, at the time of issuance.

8. The total amount of any bonds or securities, senior or subordinate to the issue outstanding at the time of issuance.

9. The amount of any constitutional or statutory limitation on the issuance of bonds or securities of the type issued.

10. The remaining amount of bonds or securities that may be issued within the limitation determined in paragraph 9 of this subsection.

11. The amount of any constitutional or statutory voter authorization applicable to the issuance of bonds or securities of the type issued.

12. The remaining amount of bonds or securities that may be issued within the authorization determined in paragraph 9 of this subsection.

13. Any other similar or related information the department of administration may determine.

C. The department of administration shall include the following information in the reports prescribed by subsection B of this section:

1. A list of each lending program and credit support program and the statutory or other authority for each program.

2. The total dollar amount of all monies offered pursuant to lending programs, specified by program.

3. The total dollar amount of all debts guaranteed or to which credit enhancements are given pursuant to credit support programs, specified by program.

4. An estimate of the cost of likely defaults on lending programs and credit support programs, specified by program. If practicable, the department shall use recognized standard accounting practices in the private sector to evaluate the likelihood and cost of the defaults.

D. On or before December 15 of each year, the department of administration shall provide to the governor, the president of the senate and the speaker of the house of representatives a report of the information collected pursuant to subsections A and C of this section. This report shall include an analysis of the outstanding indebtedness of each jurisdiction and the relationship of the outstanding indebtedness to the appropriate debt limitations in article IX, sections 5, 8 and 8.1, Constitution of Arizona.

E. If as a result of the analysis conducted pursuant to subsection D of this section the department of administration determines that the outstanding indebtedness of a jurisdiction is in excess of the debt limitation prescribed by the Constitution or statutes of Arizona, the department of administration shall notify the governing body or board of the jurisdiction, the governor, the president of the senate, the speaker of the house of representatives and, in the case of a school district, the superintendent of public instruction.

F. The department of administration shall notify the person or governing body responsible for complying with this section of a failure to comply in whole or in part with the requirements of this section. Any person or governing body so notified shall comply within thirty days. Any county, city, town, school district, irrigation district or other political subdivision of this state that fails to comply fully with this article shall not issue any additional bonds or other securities.

G. For the purposes of this section:

1. "Credit support program" means any program that is operated by this state or a public body that is entirely controlled or funded by this state, that guarantees or provides a credit enhancement, including state support for interest or principal payments, to the debt of a private party or political subdivision of this state and that offers monies if the private party or political subdivision fails to pay the debt.

2. "Lending program" means any program that is operated by this state or a public body that is entirely controlled or funded by this state and that offers monies to a private party or political subdivision of this state if the private party or political subdivision is expected to repay the monies to this state.
A.R.S. § 35-494 — Arizona Code / Title 35 / Chapter 3 / Article 5 / Section 494
35-494 Contracts as long-term obligations
Status: in_force

35-494. Contracts as long-term obligations

Contracts employing registrars and paying agents made pursuant to this article are deemed to be long-term obligations within the meaning of article IX, sections 18 and 19, Constitution of Arizona.
A.R.S. § 35-1207 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1207
35-1207 Collateral for public deposits
Status: in_force

35-1207. Collateral for public deposits

A. An eligible depository shall not accept or retain any public deposit that is required to be secured unless the eligible depository has deposited the required collateral with a qualified escrow agent or the administrator, if required.  Every eligible depository shall deposit with a qualified escrow agent eligible collateral equal to or in excess of the required collateral.  Required collateral shall be one hundred two percent of public deposits less any applicable deposit insurance.  Eligible collateral shall be valued at current market value.  Substitutions and withdrawals of eligible collateral may be made without prior notification or consent by the public depositor.  The administrator shall provide written consent before withdrawals of collateral.  Substitutions of collateral may be made with notification to the administrator.

B. Notwithstanding any other provisions of law, an eligible depository shall not be required to give bond or pledge securities or instruments in the manner provided in this section for the purpose of securing deposits that are received or held in the trust department of the depository and that are secured pursuant to 12 United States Code section 92a.
A.R.S. § 35-466 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466
35-466 Definitions
Status: in_force

35-466. Definitions

In this article, unless the context otherwise requires:

1. "Governing body" means the body constituted by law to be the governing board of the issuer.

2. "Grant agreement" means any written agreement entered into with the issuer and the United States of America or any of its departments or agencies by which the issuer will receive a grant or subvention for which the funds to be advanced have been appropriated to the department or agency making the grant and by which the issuer incurs no monetary liability to repay the grant or subvention except for the obligation to construct a project or projects.

3. "Grant anticipation notes" means notes authorized by this article and also notes to refund grant anticipation notes.

4. "Grant revenues" means any revenues the issuer will receive under a grant agreement, proceeds of grant anticipation notes and income and gain from investment of such revenues and proceeds.

5. "Issuer" means any city, charter city, town, county, sanitary district, electrical district, irrigation district, hospital district, improvement district or any other similar municipal corporation.

6. "State" means this state or any of its departments, agencies or authorities.
A.R.S. § 35-317 — Arizona Code / Title 35 / Chapter 2 / Article 2 / Section 317
35-317 State treasurer; duties; safekeeping of securities; interest; exemptions; responsibilities
Status: in_force

35-317. State treasurer; duties; safekeeping of securities; interest; exemptions; responsibilities

A. The state treasurer is responsible for the safekeeping of all securities acquired by him under this article and those for which he is the lawful custodian. Securities may be deposited for safekeeping with any bank eligible to be the state servicing bank pursuant to section 35-315 or any trust company or trust department of any bank qualified to do business in this state.

B. The state treasurer may at the expense of the state enter into an agreement with any of those entities listed in subsection A of this section or authorized by section 35-311, subsection E for the safekeeping and handling of securities. The agreement shall be entered into under terms and conditions which secure the proper safeguarding, inventory, withdrawal and handling of the securities and lending of securities to the financial or dealer community pursuant to section 35-313, subsection C. Access to deposits or withdrawals of the securities from any place of deposit selected by the officers shall not be permitted or made except as the terms of the agreement provide. The agreement need not require that securities be physically located in this state, if the securities are represented by safekeeping receipts issued for the account of the state treasurer by a federal reserve bank or any bank located in a reserve city whose combined capital and surplus on the date of the safekeeping receipt are ten million dollars or more.

C. The state treasurer shall regularly account for, itemize and inventory according to general public fund accounting practices all securities coming lawfully into his possession. Such practice shall be audited by the auditor general at the time of the regular audit as prescribed by law.

D. When securities acquired under this article mature and become due and payable, the state treasurer shall present them for payment according to their terms and collect the monies payable on them. The monies collected shall be treated as treasury monies subject to reinvestment under the appropriate section of this article.

E. Interest and appreciation realized on any investment authorized by this article shall be collected by the state treasurer and credited by him in accordance with general public fund accounting practices.

F. All interest realized on any investment of treasury monies not otherwise apportioned by law shall be credited to the general fund of this state.

G. The investment of treasury monies as provided in this article is exempt from the provisions of section 35-142, subsection B and sections 35-154, 35-181.01, 35-181.02, 35-182 through 35-185, 35-185.01, 35-185.02, 35-186 through 35-192, 35-192.01, 35-192.02, 35-193, 35-193.02 and 41-732.

H. The state treasurer is responsible for the safekeeping, management and disbursement of any investment made and any interest received in compliance with this article.
A.R.S. § 35-468.07 — Arizona Code / Title 35 / Chapter 3 / Article 3.4 / Section 468.07
35-468.07 Supplemental law
Status: in_force

35-468.07. Supplemental law

This article is supplemental and alternative to any other provision of law that also enables a political subdivision to issue bonds.
A.R.S. § 35-474 — Arizona Code / Title 35 / Chapter 3 / Article 4 / Section 474
35-474 Levy of tax for payment of bonds; security
Status: in_force

35-474. Levy of tax for payment of bonds; security

A. The board of supervisors, on behalf of the county or a school district in the county, or the governing body or board of a municipal corporation that has issued refunding bonds shall levy, during each year in which the bonds are outstanding, a tax on all property in the political subdivision for which the bonds are issued, sufficient to pay the annual interest on all bonds then outstanding and the annual installment of the principal thereof becoming due and payable in the next ensuing year.  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. Such taxes shall be levied, assessed and collected at the same time and in the same manner as other taxes are levied, assessed and collected. The proceeds of the taxes shall be kept in a special segregated fund and shall be used only for the purpose for which collected.

B. 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. § 35-113 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 113
35-113 Submission of budget estimates
Status: in_force

35-113. Submission of budget estimates

The administrative head of each budget unit, not later than September 1 of each year or at a later date not to exceed thirty days after September 1 if approved by the director of the governor's office of strategic planning and budgeting, shall submit to the governor, with two copies, estimates of the financial requirements and of receipts, including appropriated and nonappropriated monies in no less detail than the state general fund, of the budget unit for the next fiscal year. The estimates shall include a detailed estimate of the cost to the budget unit in the next fiscal year attributable to a county's, city's or town's establishment of a minimum wage if that minimum wage exceeds the minimum wage established by this state pursuant to section 23-363. The estimates shall be on the forms and in the manner prescribed by the governor with explanatory data that may be required, together with additional information the head of the budget unit desires to submit.  The estimates submitted shall bear the approval of the administrative head of the budget unit.
A.R.S. § 35-832 — Arizona Code / Title 35 / Chapter 6 / Article 3 / Section 832
35-832 Municipality or county not liable
Status: in_force

35-832. Municipality or county not liable

The municipality or the county shall not in any event be liable for the payment of the principal or interest of any bonds of the corporation 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 provisions of this state whatsoever.
A.R.S. § 35-211 — Arizona Code / Title 35 / Chapter 1 / Article 6 / Section 211
35-211 Approval, allowance or payment of unauthorized claim; liability of parties; penalty
Status: in_force

35-211. Approval, allowance or payment of unauthorized claim; liability of parties; penalty

When any person who is obligated to approve, audit, allow or pay claims or demands upon the state, approves, audits, allows or pays, or consents to, or connives at, approving, auditing, allowing or paying a claim or demand against the state not authorized by law, such person, and the person in whose favor the claim or demand was made, shall be liable for any funds procured in such manner, plus twenty per cent of such amount and legal interest upon the amount paid from date of payment.
A.R.S. § 35-427 — Arizona Code / Title 35 / Chapter 3 / Article 2 / Section 427
35-427 Tax levy for amortization of bonds; determination of tax rate; additional levy; application of monies; violation; penalty
Status: in_force

35-427. Tax levy for amortization of bonds; determination of tax rate; additional levy; application of monies; violation; penalty

A. There shall be levied annually upon the taxable property in this state, in addition to other levies, an amount sufficient to pay the interest on all bonds issued under the provisions of this article, to be placed in the state treasury in the interest fund. Each year after such bonds have been issued, an additional amount shall be levied annually sufficient to pay four per cent of the total amount issued, until all the bonds are paid and discharged, and the amount shall be placed in the state redemption fund as collected.

B.  The director of the department of administration shall determine the rate of tax to be levied for the purpose provided in subsection A in the different counties in the state and certify the rate to the boards of supervisors in each county. The boards of supervisors shall enter such rate on the assessment rolls as other taxes. If any county is or becomes delinquent in the payment of such taxes, the board of supervisors shall, before the next levy, prorate such delinquencies and make such additional levy, in addition to the current annual rate certified to it by the director of the department of administration necessary to pay the interest and principal of such bonds on maturity. The director of the department of administration may reconvene the board of supervisors for the purpose of entering such rate or additional rate or levy or additional levy as the director certifies.  The county, district or municipal treasurer shall, on or before June 1 each year, pay to the state treasurer the total amount so certified to the board of supervisors, whether or not the whole amount has been collected.

C. The money derived from such taxes shall be paid into the state treasury and shall be applied, first, to the payment of the interest on the bonds issued under this article and, second, to the payment of the principal of such bonds. Whenever sufficient funds accrue to the credit of the state, the loan commissioners may direct the state treasurer to call such bonds for payment, if the call is optional.

D. Any interest earned by monies in the redemption fund shall be credited to the state, county, district or municipality in proportion to the amount paid into the fund by the state, or such county, district or municipality.

E. Any money remaining in the interest fund after payment of interest, and any money remaining in the redemption fund after all of the bonds have been paid and discharged, shall be returned by the treasurer to the county, district or municipality remitting such money.

F. If the board of supervisors refuses or omits to enter and levy the rate of tax as certified to it by the joint legislative tax committee or the director of the department of administration, or refuses or omits to do any act required by this article, the members thereof are guilty of nonfeasance in office and are individually liable on their bonds for the total amount so omitted, and the attorney general, upon being informed of such refusal, shall commence an action against such officials and their sureties.
A.R.S. § 35-805 — Arizona Code / Title 35 / Chapter 6 / Article 1 / Section 805
35-805 Board of directors
Status: in_force

35-805. Board of directors

The corporation shall have a board of directors in which all powers of the corporation shall be vested and which shall consist of not less than three nor more than nine directors, all of whom shall be duly qualified electors of the municipality or county in which the corporation was formed. Decisions of the board of directors shall be by majority vote. The directors shall serve without compensation except that they shall be reimbursed for their actual expenses incurred in the performance of their duties. No director shall be an officer or employee of the authorizing municipality or county. The initial directors shall be elected by the incorporators of the corporation. Directors shall hold office for overlapping terms. At the time of the election of the first board of directors the directors shall be divided into three groups containing as nearly equal numbers as possible. The first term of the directors included in the first group shall be two years, the first term of the directors included in the second group shall be four years, the first term of the directors included in the third group shall be six years. The terms of all directors thereafter shall be six years. The directors shall elect their successors and fill vacancies in the board of directors, subject to the approval of the governing body of the authorizing county or municipality.
A.R.S. § 35-1211 — Arizona Code / Title 35 / Chapter 10 / Article 1 / Section 1211
35-1211 Civil penalties; hearing; noncompliance
Status: in_force

35-1211. Civil penalties; hearing; noncompliance

A. The administrator may assess against and collect the following from an eligible depository for noncompliance with the requirements of this chapter:

1. A civil penalty of not more than two hundred fifty dollars for each day the eligible depository fails to maintain with its qualified escrow agent eligible collateral as required by this article.

2. A civil penalty of not more than one hundred dollars for each day beyond the time period specified in this article or by the policy of the administrator that the depository negligently or wilfully fails to file in the office of the administrator a written report required by this article.

B. The eligible depository deemed in noncompliance may request a hearing before a civil penalty is imposed pursuant to this section.  Any civil penalty assessed under this section shall be paid within thirty days after receipt of the assessment, or the administrator may assess and collect an additional penalty of five per cent of the amount of the civil penalty for each month or part of a month that the payment is delinquent. The administrator may make available to the public relevant information regarding civil penalties assessed against an eligible depository.

C. Any penalties collected pursuant to this section shall be deposited, pursuant to sections 35-146 and 35-147, in the state general fund.

D. If an eligible depository fails to pay the penalties assessed by the administrator pursuant to this section, the administrator may notify local agency treasurers with deposits in the eligible depository of the noncompliance.
A.R.S. § 35-467.08 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467.08
35-467.08 Prohibition against obligating state or political subdivisions; payment from revenues
Status: in_force

35-467.08. Prohibition against obligating state or political subdivisions; payment from revenues

This state or a political subdivision is not liable for the payment of the principal or interest on any revenue anticipation notes. Revenue anticipation notes are not obligations of this state or a political subdivision and do not constitute a debt, legal or moral, of this state or a political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any monies of this state or a political subdivision other than revenues which have been paid into a revenue anticipation note principal and interest redemption fund established pursuant to section 35-467.04. A holder of a revenue anticipation note shall not compel the payment of grant revenues to an issuer.
A.R.S. § 35-467.04 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467.04
35-467.04 Application of revenues, principal and interest redemption fund; payment of notes
Status: in_force

35-467.04. Application of revenues, principal and interest redemption fund; payment of notes

After the issuance of any revenue anticipation notes all revenues received by the taxing district shall be collected and paid into a special fund to be known as the revenue anticipation note principal and interest redemption fund until such time as monies in the fund are sufficient to pay when due all principal and interest on the notes. All monies in the special fund shall be used to pay principal and interest on the revenue anticipation notes and shall be used for no other purpose. Notwithstanding any other provision of law, this article is the only authority for the payment when due, or for redemption in advance of maturity, of all principal and interest and redemption premiums on the notes from monies in the special fund.
A.R.S. § 35-101.01 — Arizona Code / Title 35 / Chapter 1 / Article 1 / Section 101.01
35-101.01 Definition of substitute check
Status: in_force

35-101.01. Definition of substitute check

In this title, unless the context otherwise requires, "substitute check" means a paper reproduction of an original warrant or check that is created from an electronic image of the original warrant or check and that meets all of the following:

1. Contains an image of the front and back of the original warrant or check.

2. Bears a magnetic ink character recognition line containing all of the information in the magnetic ink character recognition line of the original warrant or check.

3. Conforms in paper stock and dimension and otherwise with generally applicable industry standards for substitute checks.

4. Is suitable for automated processing in the same manner as the original warrant or check.
A.R.S. § 35-185 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 185
35-185 Disbursements of monies
Status: in_force

35-185. Disbursements of monies

A. All warrants, checks and electronic funds transfer vouchers of the department of administration issued pursuant to this chapter shall constitute full and sufficient authority for the state treasurer to disburse public monies in the amount set forth on the face of the warrant, check or electronic funds transfer voucher. The state treasurer shall issue a check on a state depository bank or authorize the transfer of monies by the state depository bank in payment of the warrants, checks or substitute checks, and electronic funds transfer vouchers.  The director of the department of administration may establish by rule and collect a fee for each warrant, check and electronic funds transfer voucher issued to a vendor that provides materials, services or construction to this state.  The fee shall be deposited in the state general fund.

B. The director of the department of administration shall credit the state treasurer with the amount of all warrants, checks or substitute checks, or electronic funds transfer vouchers that the state treasurer redeems. If monies are not available to pay such warrants, checks or substitute checks, or electronic funds transfer vouchers, the state treasurer shall issue in lieu of payment a treasurer's warrant note or notes as provided in section 35-185.01.

C. Monies shall not be withdrawn from the treasury for any purpose except to pay warrants, checks and electronic funds transfer vouchers issued by the director of the department of administration or to pay treasurer's warrant notes.

D. This chapter does not apply to withdrawals of monies from state depository banks for immediate redeposit into other state depository banks.
A.R.S. § 35-326 — Arizona Code / Title 35 / Chapter 2 / Article 2.1 / Section 326
35-326 Local government investment pool: definition
Status: in_force

35-326. Local government investment pool: definition

A. The state treasurer may maintain one or more pooled investment funds for the collective investment of monies in this state. Securities or other instruments in which the monies may be invested are those that are provided for in article 2 of this chapter.

B. The state treasurer may deposit state monies in a pooled investment fund and may also receive into a fund monies that are deposited by any political subdivision or public entity in this state or public trust that is legally authorized or required to deposit monies with the state treasurer for investment. When a depositor provides monies to a pooled investment fund, the state treasurer may require the depositor to specify the date or dates on which it will require the monies. The assets of a pooled investment fund shall be invested by the state treasurer for such periods as will facilitate the return of the monies to the depositing entities in accordance with the instructions received at the time of deposit. Earnings shall be credited promptly after calculation.

C. The state treasurer shall compute on a monthly basis the rate of earnings on the pooled investment fund for that month, and each depositor shall be credited with an amount determined by applying the calculated monthly rate to the principal amount of its deposit balance for the period of the deposit. Interest shall be credited monthly.

D. The governing body of any political subdivision, public trust or public entity, by adopting a resolution of continuing effect, may authorize and request the state treasurer to invest monies for the governing body pursuant to this section.

E. For the purposes of this section, "political subdivision" means any governmental entity operating under the authority of this state, including a city, town, county, school district or community college district or any other entity organized under state law.
A.R.S. § 35-1005 — Arizona Code / Title 35 / Chapter 8 / Article 1 / Section 1005
35-1005 Limitation on effect of chapter
Status: in_force

35-1005. Limitation on effect of chapter

For purposes of this chapter, "governmental entity" does not include any agricultural improvement district formed or operating under title 48, chapter 17, and this chapter shall not restrict or modify the powers of an agricultural improvement district to enter into swap agreements and otherwise engage in transactions pertaining to such agreements that such district deems to be advisable for the interest of the district or to carry out or accomplish any of the purposes authorized or permitted by title 48, chapter 17.
A.R.S. § 35-482 — Arizona Code / Title 35 / Chapter 3 / Article 4.1 / Section 482
35-482 Summary sale of delinquent property
Status: in_force

35-482. Summary sale of delinquent property

A. As a cumulative remedy, if any installment is delinquent, the governing body may order the summary sale of the property as provided in this section.

B. The order of the governing body shall identify the property and shall state the amount of the delinquent installments for which the property is to be sold.

C. Notice of such order shall be mailed to the owners of the property to be sold as their names and addresses appear on the last equalized tax roll or as filed with the superintendent or as known to the clerk, within twenty days of such order.

D. In the case of a municipality, section 48-601, section 48-603, subsection A, section 48-604, section 48-605, subsections A and B, and sections 48-606 and 48-607, and in the case of a district including a flood protection district, section 48-939, section 48-941, subsection A, section 48-942, section 48-943, subsections A and B, and sections 48-944 and 48-945, shall be applicable, except that the list of assessments of delinquent property ordered sold shall be published within twenty days of the order for sale, the notice appended to same shall make no provision for declaring the whole amount of the assessment due, redemption may be had prior to sale by paying the delinquent amounts, together with interest, penalties and charges then due, and the amounts for which property is sold shall include, in addition to interest and penalties, the delinquent installments and charges for costs of the tax delinquency and summary sale proceedings.

E. The purchaser at a summary sale, as to assessments, shall take the property subject to all unpaid installments, interest and penalties under the same proceeding, to all public improvement assessments and installments which shall not be subordinate thereto, and to any contingent or supplemental obligations for deficiencies.

F. On the summary sale of a lot, acre or parcel subject to an assessment lien levied by a flood protection district, if there are no offers to purchase the assessment lien, the lot, acre or parcel shall be struck off to the municipality or district without any payment being made by the flood protection district, and the district shall be deemed the purchaser and shall be vested with all remedies that a purchaser at the sale would have obtained. In addition, the district or municipality may bring a judicial action to foreclose the delinquent assessment lien at any time after it becomes the purchaser.  Such action shall be filed in the superior court in the county in which the district and the assessed lot, acre or parcel are located, and shall be prosecuted by the district in the same manner and with the same results as the foreclosure of a mortgage or other lien on real property.  This subsection shall not be construed to change the priority of the assessment lien levied by a flood protection district, and such a lien shall remain a first lien, subject only to the lien for general taxes.

G. This section applies to a flood protection district that levies assessments pursuant to title 48, chapter 18, article 11.
A.R.S. § 35-907 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 907
35-907 Allocations after 5:00 p.m. December 16; reallocation of carryforwards
Status: in_force

35-907. Allocations after 5:00 p.m. December 16; reallocation of carryforwards

A. Any portions of the state ceiling for which bonds have not been issued by 5:00 p.m. December 16, other than confirmations extended pursuant to section 35-910, shall be pooled and are subject to allocation by the director to projects eligible for a carryforward allocation under the code.

B. Obtaining and issuing a confirmation after 5:00 p.m. December 16 shall occur as provided in section 35-904, subject to the following restrictions and changes:

1. Before 5:00 p.m. on December 15, a notice of intent shall be filed with and received by the authority by any issuer, bond counsel or other interested person. The notice of intent shall be dated and numbered and confirmations shall be issued by the director to the issuers on December 17. Any portions of the state ceiling for which bonds have not been issued or carried forward pursuant to this section or for which a qualified mortgage credit certificate program has not been established by 5:00 p.m. December 26 shall be allocated by the director and confirmations shall be provided to such issuers before January 1.  Issuers shall not file elections of carryforward purpose with the federal government under section 146 of the code until a confirmation has been delivered by the authority under this section for the bonds pertaining to a project. The failure to file a notice of intent results in the exclusion of the project from allocations to issuers of any portion of the current calendar year state ceiling.

2. A security deposit equal to one percent of the principal amount stated in the notice of intent shall be received by the authority within five days after notification by the director that the project is eligible for a carryforward allocation. A security deposit is not required if the direct beneficiary of the bonds proceeds is this state or a county, city, town or nonprofit entity, the issuer is a student loan corporation, the project includes urban development action grant or housing development grant financing, is a qualified mortgage revenue bond project or is a qualified mortgage credit certificate program or the confirmation is issued by the director on or after December 26.  The security deposit is forfeited to the authority if bonds are not issued within three years after the receipt of the deposit.  For bonds that are issued from and after December 31, 2015, any security deposit made in relation to the project for which the bonds are issued shall be refunded if the bonds are issued within three years after the receipt of the deposit that is required under this paragraph, whether or not carryforward allocation is used.

C. Notwithstanding subsection B of this section and section 35-904, on written notice to the director, an issuer may reallocate all or a portion of any carryforward confirmation within the same carryforward purpose. A reallocation made pursuant to this subsection must be consistent with this section and with applicable federal law. A reallocation made pursuant to this subsection does not increase the aggregate amount of the original carryforward confirmation to which the reallocation relates or extends the term of the original carryforward confirmation during which the bonds must be issued. Reallocation of carryforward confirmation by an issuer will not result in a refund of any security deposit previously received by the authority on account of the original carryforward confirmation. The certificate of closing shall indicate to the authority if the carryforward confirmation was reallocated.
A.R.S. § 35-152 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 152
35-152 Special masters; payment of fees and expenses
Status: in_force

35-152. Special masters; payment of fees and expenses

A. An officer, employee or agent of this state shall not open and maintain an account for the purpose of paying fees and expenses that are incurred by a special master who is appointed by a federal court.

B. Notwithstanding any law to the contrary, an officer, employee or agent of this state is not subject to personal liability for complying with subsection A.

C. An officer, employee or agent of this state shall not pay fees and expenses for special masters appointed by a federal court unless the legislature appropriates monies for the payment of the special master fees and expenses.

D. Notwithstanding any law to the contrary, the failure of the legislature to appropriate monies for the payment of fees and expenses for special masters appointed by a federal court does not subject an officer, employee or agent of this state to personal liability for the special master fees and expenses.

E. This section applies to all bills for fees and expenses for special masters appointed by a federal court that are submitted after the effective date of this section.
A.R.S. § 35-382 — Arizona Code / Title 35 / Chapter 2 / Article 6 / Section 382
35-382 Effect of acceptance of warrants by county treasurer
Status: in_force

35-382. Effect of acceptance of warrants by county treasurer

Warrants of a city, town or school district accepted in accordance with the provision of section 35-381 by the county treasurer as tax collector, shall in all matters of accounting between the treasurer and such city, town or school district, be treated as money to the face value thereof with interest accrued to the date of acceptance by the treasurer.
A.R.S. § 35-903 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 903
35-903 Arizona finance authority designated as state registry; fee
Status: in_force

35-903. Arizona finance authority designated as state registry; fee

A. The Arizona finance authority is designated as the exclusive state registry for:

1. Requests.

2. Recordation of confirmations, whether outstanding or lapsed.

3. Certificates of closing.

4. Recordation of all requests for carry-forward amounts for specific projects.

5. Other records required for the administration of this chapter.

B. The authority shall develop and maintain separate lists for urban cities, nonurban areas, statewide uses and the aggregate for all categories that summarize all information received pursuant to subsection A of this section.

C. Requests and confirmations adopted or issued under this chapter shall be dated and numbered by the director in the order received and issued, and each item shall be independently entered on the proper list.  Each list shall be composed in a manner sufficient to show, at any time:

1. The dollar amount of confirmations outstanding and not then lapsed.

2. The dollar amount of the remaining allocation then available.

3. The amount of confirmations actually closed.

D. The authority may assess an application fee for processing the requests.
A.R.S. § 35-383 — Arizona Code / Title 35 / Chapter 2 / Article 6 / Section 383
35-383 Charging warrant to respective funds
Status: in_force

35-383. Charging warrant to respective funds

Warrants accepted in payment of debts or demands, including taxes, shall be charged to the respective funds against which they are drawn. In the case of county warrants the board of supervisors shall direct the county treasurer to transfer from the general fund to the funds against which the warrants are drawn, sufficient money to cover the warrants.
A.R.S. § 35-823 — Arizona Code / Title 35 / Chapter 6 / Article 2 / Section 823
35-823 Bonds as legal investments
Status: in_force

35-823. Bonds as legal investments

Bonds issued under the provisions of this chapter are legal investments for all banks, trust companies and insurance companies organized and operating under the laws of this state.
A.R.S. § 35-192.01 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 192.01
35-192.01 Reimbursement procedures
Status: in_force

35-192.01. Reimbursement procedures

A. Political subdivisions may apply to the state director of emergency management for reimbursement of necessary expenses incurred in search or rescue operations, not including purchase of equipment or facilities, under section 35-192, subsection C subject to the following limitations:

1. Not to exceed fifty per cent of the first one thousand dollars or less of such expenditures in any fiscal year.

2. Not to exceed seventy-five per cent of all such expenditures in excess of one thousand dollars up to twenty-one thousand dollars in any fiscal year.

3. One hundred per cent of expenditures in excess of twenty-one thousand dollars in any fiscal year.

B. A department of the state which expends funds for search or rescue operations in an amount in excess of that provided for in the regular appropriation and when directed to do so by the governor or state director of emergency management may apply for reimbursement of such excess expenditures to the state director of emergency management under the provisions of section 35-192.

C. The director of emergency management shall adopt with the approval of the governor rules concerning such reimbursement.
A.R.S. § 35-466.02 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466.02
35-466.02 Form of notes
Status: in_force

35-466.02. Form of notes

The notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates not later than thirty days after the last date the grant revenues are to be received under the terms of the grant agreement or agreements, or within the period the governing body of the issuer expects to receive the grant revenues if no date for final receipt is set forth in the grant agreement, mature in such amount or amounts, bear interest at such rate or rates not exceeding twelve per cent per annum, 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 of the issuer authorizing the issuance of the notes may provide. The notes may be sold at not less than par at either public or private sale. The term "public sale" includes sale by either auction or sealed bid upon such terms, conditions and notice as the governing body of the issuer may prescribe. The notes shall be fully negotiable for all purposes as set forth in title 47, chapter 3.
A.R.S. § 35-131 — Arizona Code / Title 35 / Chapter 1 / Article 2.1 / Section 131
35-131 Accounting system; reports; notice of deficiency; forms
Status: in_force

35-131. Accounting system; reports; notice of deficiency; forms

A. In accordance with generally accepted governmental accounting principles, the department of administration shall develop and prescribe for the use of all budget units a uniform accounting system so designed as to ensure compliance with all legal and constitutional requirements, including those respecting receiving, spending and accounting for public monies.

B. The department of administration shall maintain complete, accurate and current financial records relating to state monies and to other public monies in the state treasury available to, encumbered by or expended by each budget unit, including trust monies or other monies not subject to appropriation, setting out all revenues, charges against all funds, fund and appropriation balances, interfund transfers, outstanding warrants, checks, electronic funds transfer vouchers and encumbrances, in a manner consistent with the uniform state accounting system, to prepare statewide financial statements in accordance with generally accepted governmental accounting principles.

C. Each month the department of administration shall prepare and submit to the governor a report summarizing by budget unit and appropriation or other fund source the information prescribed in subsection B of this section in a form that will most clearly and accurately set out the current fiscal condition of the state and shall furnish to each budget unit a report of its transactions by appropriation or other fund source in a form that will clearly and accurately show the fiscal activity and condition of the appropriation or fund source.

D. The responsible official for each budget unit shall monitor reports prepared pursuant to subsection C of this section to identify any projected total deficiency for the budget unit fiscal year.  On a determination of a projected deficiency, the official shall take any action necessary to ensure continuing compliance with section 1-254 by notifying the governor, the speaker of the house of representatives, the president of the senate and the chairman of the joint legislative budget committee of the deficiency and the reasons for the deficiency.  The initial notification of the deficiency shall be followed within ten business days by a report from the responsible budget unit official that includes the following:

1. A complete explanation of the causes of the deficiency.

2. A plan that ensures that the deficiency will be resolved within the fiscal year without supplemental appropriation and that includes the policy and programmatic implications of the deficiency and the plan.

3. A commitment to provide a progress report if the projected degree of deficiency changes substantially.  The report shall include additional measures necessary to ensure resolution of the deficiency within the fiscal year.

E. On or before December 1 of each year, the director of the department of administration shall submit to the governor a complete report of the financial transactions of the preceding fiscal year and of the financial condition of the state at the end of that year with such comments and supplementary data as the director of the department of administration deems necessary to make the report complete and readily understandable. The report shall include all appropriated and nonappropriated monies in no less detail than the state general fund.

F. On or before February 1 of each year, the director of the department of administration and the state treasurer shall submit to the joint legislative budget committee a report explaining any differences between the department of administration's estimate of the previous fiscal year's state general fund ending balance submitted pursuant to subsection E of this section and the state treasurer's estimate of the invested balance, including the state general fund share of that balance, as of June 30 of the previous fiscal year submitted pursuant to section 41-172.

G. In preparing the comprehensive annual financial report published in accordance with generally accepted accounting principles, the department of administration shall include supplementary schedules that reconcile any differences between the state general fund as reported in the comprehensive annual financial report and the state general fund as reported in the annual financial report required by subsection E of this section. This reconciliation shall address revenues, expenditures and fund balances.

H. The director of the department of administration shall prescribe uniform classifications for assets, liabilities, receipts and expenditures and forms for the periodic reporting of financial accounts, transactions and other matters by budget units compatible with the reports required of the director of the department of administration under this section. Such records and accounts shall be maintained and reconciled by budget units.  If required for reporting, the department of administration may establish or delete funds and budget units may maintain additional records for reporting to the federal government or other funding source.

I. Each organization that is included in the state's reporting entity as defined by generally accepted accounting principles shall submit all necessary financial statements or information to the department of administration on a basis of accounting that is consistent with generally accepted accounting principles and that is in accordance with the policies and procedures of the department of administration.
A.R.S. § 35-143 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 143
35-143 Collection through budget units; time for collection; failure to collect; liability
Status: in_force

35-143. Collection through budget units; time for collection; failure to collect; liability

A. Fees for licenses, permits, certificates of any kind and other amounts due any budget unit shall be collected at the time such licenses, permits or certificates are issued by the budget units issuing them. All other monies accruing to the various budget units or to the state through the various budget units shall also be collected at the time services are rendered, or at the time of accrual by the budget units rendering the services or assessing the charges, or otherwise giving rise to the claims in favor of the state.

B. Any person or officer who neglects the collection of such fees or monies shall be liable to the state, both personally and on his bond.
A.R.S. § 35-471 — Arizona Code / Title 35 / Chapter 3 / Article 4 / Section 471
35-471 Refunding bonds; resolution authorizing issuance; definition
Status: in_force

35-471. Refunding bonds; resolution authorizing issuance; definition

A. The board of supervisors, on behalf of the county, the governing body of a city or town or similar municipal corporation and a school district governing board may issue refunding bonds to refund the bonded indebtedness of such county, school district, city or town or other similar municipal corporation when it is expedient to do so.

B. The board of supervisors or other governing body desiring to issue refunding bonds shall adopt and include in its minutes a resolution stating:

1. The facts and determination of the necessity or advisability of refunding such bonded indebtedness, including an estimate of the present value of the debt service savings, net of all costs associated with the refunding bonds, that will occur.

2. The amount of bonds to be issued, the date of such bonds and the denominations.

3. The rate of interest and the maturity date.

4. The place of payment, within or without the state, of the principal and interest.

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

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

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

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

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

E. For the purposes of this section, "net premium" means the difference between the par amount of the bond issue and the bond issue price determined pursuant to United States treasury regulations.
A.R.S. § 35-171 — Arizona Code / Title 35 / Chapter 1 / Article 4 / Section 171
35-171 Bookkeeping procedures for treasurer
Status: in_force

35-171. Bookkeeping procedures for treasurer

All public monies in the custody or possession of the state treasurer shall be placed and retained in a state fund pursuant to section 35-142. The total of these monies constitutes the cash fund of the state. Warrants, checks or substitute checks, or electronic funds transfer vouchers shall be credited to the fund as they are paid.
A.R.S. § 35-408 — Arizona Code / Title 35 / Chapter 3 / Article 1 / Section 408
35-408 Rights of holder of bond
Status: in_force

35-408. Rights of holder of bond

The holder of any tax anticipation bond may, in his own name and on his own behalf, or on behalf of all the holders of the bonds, compel by mandamus the performance of any duty imposed by this article.
A.R.S. § 35-1004 — Arizona Code / Title 35 / Chapter 8 / Article 1 / Section 1004
35-1004 Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget
Status: in_force

35-1004. Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget

A. A governmental entity may deduct amounts which the governmental entity is to receive pursuant to swap agreements from the amounts due on its bonds or other long-term obligations for the purposes of determining:

1. Whether a governmental entity has satisfied statutory requirements concerning revenue coverage that are applicable to its bonds or other long-term obligations.

2. Whether a governmental entity has satisfied any maximum rate of interest that may be paid on the bonds or other long-term obligations.

3. The amount of taxes, rates or charges to be levied or collected to pay amounts due upon its bonds or other long-term obligations.

B. Until payment of all obligations under swap agreements and the expiration of the fiscal year in which swap agreements are paid in full, no amounts collected for the purpose of paying amounts due under the swap agreements shall be subject to the provisions of title 42, chapter 17, article 2.
A.R.S. § 35-467.07 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467.07
35-467.07 Rights of holders
Status: in_force

35-467.07. Rights of holders

The holder of a revenue anticipation note, in the holder's name and on the holder's behalf or on behalf of all of the holders of the notes, may take action necessary to compel the performance of any duty required by this article.
A.R.S. § 35-451.01 — Arizona Code / Title 35 / Chapter 3 / Article 3 / Section 451.01
35-451.01 Power to use outstanding bond authorizations of common or high school districts
Status: in_force

35-451.01. Power to use outstanding bond authorizations of common or high school districts

A. All outstanding authorizations permitting the issuance of bonds, as provided in this article, or the incurring of debt by a common school district or a high school district at the time either such district becomes part of a unified school district, shall remain in full force and effect. The unified school district shall be vested with all powers to act for and on behalf of such common school district or high school district to issue the bonds for the purposes for which such authorizations were granted. The school district governing board may submit the bonds for approval by the attorney general.

B. The bonds shall be issued pursuant to the provisions of this article, except that the effect of the bonds issued pursuant to this section shall be the same as if the questions pertaining to the issuance of the bonds had been submitted to and approved by the electors of the unified district after its formation.

C. The provisions of this section shall not be construed as authorizing indebtedness in excess of the percentage limitation as prescribed for a unified school district in article 9, section 8.1, Constitution of Arizona.
A.R.S. § 35-908 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 908
35-908 Principal amount of bonds issued less than confirmation; fee
Status: in_force

35-908. Principal amount of bonds issued less than confirmation; fee

A confirmation is effective as to bonds or mortgage credit certificates issued in lesser amounts than the principal amount set forth in the confirmation, but for bonds issued after 5:00 p.m. June 1, if the principal amount of bonds issued is less than the principal amount set forth in the confirmation, a fee of one percent of the difference between the confirmation and the principal amount of the bonds shall be paid to the authority on filing the certificate of closing unless 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 includes urban development action grant or housing development grant financing, is a project described in section 1317(3)(N) of the tax reform act of 1986, is a qualified mortgage revenue bond or is a qualified mortgage credit certificate program. The failure to make such payment within ten days after the filing shall result in a retroactive cancellation of the allocation and the barring of the direct private obligor from any future allocations.
A.R.S. § 35-466.01 — Arizona Code / Title 35 / Chapter 3 / Article 3.2 / Section 466.01
35-466.01 Grant anticipation notes
Status: in_force

35-466.01. Grant anticipation notes

After any issuer has entered into one or more grant agreements, its governing body may issue and sell grant anticipation notes, the principal and interest on which are to be paid solely from the grant revenues to be received under the terms of such grant agreement or agreements. The governing body may also issue grant anticipation notes to refund grant anticipation notes previously issued.
A.R.S. § 35-467.06 — Arizona Code / Title 35 / Chapter 3 / Article 3.3 / Section 467.06
35-467.06 Use of proceeds
Status: in_force

35-467.06. Use of proceeds

The proceeds from the sale of revenue anticipation notes shall be paid into the treasury of the taxing district. The proceeds shall be used by the taxing district to defray the expenses of the district as set forth in the annual budget.
A.R.S. § 35-121.01 — Arizona Code / Title 35 / Chapter 1 / Article 2 / Section 121.01
35-121.01 Local minimum wage; reimbursement of state costs; collection; withholding
Status: in_force

35-121.01. Local minimum wage; reimbursement of state costs; collection; withholding

A. After considering the information in the budget estimates required by section 35-113, the legislature may allocate and, if allocated, the department of administration shall assess and collect from a county, city or town an amount to reimburse this state for the cost to this state in the next fiscal year attributable to the county's, city's or town's establishment of a minimum wage if that minimum wage exceeds the minimum wage established by this state pursuant to section 23-363.

B. The department shall assess the amounts under this section not later than July 31 of each year. The amounts are payable immediately on assessment.  If the county, city or town does not pay to the department the amount allocated pursuant to this section on or before December 31 of the year the allocation is made, the department shall notify the state treasurer, who shall subtract the amount owed by the county, city or town from any payments required to be made by the state treasurer to that county, city or town pursuant to section 42-5029, subsection D, plus interest on that amount pursuant to section 44-1201, retroactive to the first day the amount was due. If the amount the state treasurer withholds is insufficient to meet the requirements of this section, the state treasurer shall withhold from any other monies payable to that county, city or town from whatever state funding source is available an amount necessary to fulfill the requirement.

C. Unless otherwise required by law, the monies paid to the department or withheld by the state treasurer for the amounts assessed pursuant to subsection A of this section shall be credited to the funds in the amounts prescribed in the estimates required pursuant to section 35-113.
A.R.S. § 35-393 — Arizona Code / Title 35 / Chapter 2 / Article 9 / Section 393
35-393 Definitions
Status: in_force

35-393. Definitions

In this article, unless the context otherwise requires:

1. "Boycott" means engaging in a refusal to deal, terminating business activities or performing other actions that are intended to limit commercial relations with entities doing business in Israel or in territories controlled by Israel, if those actions are taken either:

(a) Based in part on the fact that the entity does business in Israel or in territories controlled by Israel.

(b) In a manner that discriminates on the basis of nationality, national origin or religion and that is not based on a valid business reason.

2. "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.

3. "Direct holdings" means all publicly traded securities of a company that are held directly by the state treasurer or a retirement system in an actively managed account or fund in which the retirement system owns all shares or interests.

4. "Indirect holdings" means all securities of a company that are held in an account or fund, including a mutual fund, that is managed by one or more persons who are not employed by the state treasurer or a retirement system, if the state treasurer or retirement system owns shares or interests either:

(a) Together with other investors that are not subject to this section.

(b) That are held in an index fund.

5. "Public entity":

(a) 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.

(b) Includes the universities under the jurisdiction of the Arizona board of regents and community college districts as defined in section 15-1401.

6. "Public fund" means the state treasurer or a retirement system.

7. "Restricted companies" means companies that boycott Israel.

8. "Retirement system" means a retirement plan or system that is established by or pursuant to title 38.
A.R.S. § 35-186 — Arizona Code / Title 35 / Chapter 1 / Article 5 / Section 186
35-186 Duplicate warrants or checks; notice; bond; form and effect
Status: in_force

35-186. Duplicate warrants or checks; notice; bond; form and effect

A. If it appears to the satisfaction of the department of administration, by affidavit or otherwise, that any warrant or check has been lost or destroyed before payment and there is no reasonable probability of its being found or presented or that a warrant or check has not been presented for payment within the time specified on the face of the warrant or check, the department of administration may issue to the owner a duplicate of the lost, destroyed or out-of-date warrant or check. Before issuing the duplicate, the department of administration shall send a written stop payment notice to the state treasurer giving the number, amount and date of the lost, destroyed or out-of-date warrant or check, the payee and the fund on which drawn.

B. The director of the department of administration shall establish procedures for issuing duplicate warrants or checks that protect this state and provide the owner with a duplicate warrant or check within a reasonable time.
A.R.S. § 35-145 — Arizona Code / Title 35 / Chapter 1 / Article 3 / Section 145
35-145 Control of taxes receivable from counties; statements from county treasurer; violation; penalty
Status: in_force

35-145. Control of taxes receivable from counties; statements from county treasurer; violation; penalty

A. The treasurer of each county shall:

1. Remit to the state treasurer, on or before the fifteenth day of each month during each fiscal year, the portion of tax money belonging to the state which was collected during the previous month.

2. Transmit to the state treasurer a statement of financial transactions in a form authorized by the state treasurer.

B. Any county which fails or refuses to comply with the provisions of this section, or refuses to pay any obligations due the state from the county, shall be notified in writing by the state treasurer. Any county which persists in such failure or refusal for a period of thirty days after mailing the notice is disqualified from receiving any portion of the excise tax monies under section 42-5029 until the county complies with the provisions of this section and pays the state its obligations.

C. The provisions of this section shall not bar or suspend the state's right to commence an action for the purpose of compelling the collection or remitting of monies due the state.
A.R.S. § 35-911 — Arizona Code / Title 35 / Chapter 7 / Article 1 / Section 911
35-911 Powers of the authority; certifications
Status: in_force

35-911. Powers of the authority; certifications

The authority may do all things necessary or desirable to carry out the purpose of this chapter, including issuing certifications regarding the aggregate amounts of allocations on bonds or mortgage credit certificates.