reglab/housing_qa huggingface dataset:
AZ Rev Stat § 35-467.01 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-467.01 - Revenue anticipation notes

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.
AZ Rev Stat § 35-467.02 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-467.02 - Form of notes; definition

35-467.02.  Form of notes;  definition Revenue anticipation notes may be issued in one or more series,  bear such dates,  be in such denomination or denominations,  mature on any date or dates occurring on or before the last day of the fiscal year,  mature in such amount or amounts,  bear interest at such rate or rates,  be in such form and be executed in such medium of payment,  be payable at such place or places and be subject to such terms of redemption with or without premium as the resolution of the governing body authorizing the issuance of the notes provides. The notes may be sold at not less than par at either public or private sale. " Public sale"  means sale by either auction or sealed bid on such terms,  conditions and notice as the governing body prescribes. The notes shall be fully negotiable for all purposes in accordance with the provisions of title 47,  chapter 3.
AZ Rev Stat § 35-467.03 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-467.03 - Limitations on issuance of notes

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.
AZ Rev Stat § 35-467.04 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-467.04 - Application of revenues, principal and interest redemption fund; payment of notes

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.
AZ Rev Stat § 35-467.05 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-467.05 - Investment of note proceeds; period of investment covenants

35-467.05.  Investment of note proceeds;  period of investment covenants A. Note proceeds may be invested in any of the following: 1. Bonds or other evidences of indebtedness of the United States or any of its agencies or instrumentalities if such obligations are guaranteed as to principal and interest by the United States or by the agency or instrumentality. 2. Bonds or other evidences of indebtedness of this state,  counties,  cities,  towns or school districts. 3. Interest-bearing savings accounts or certificates of deposit of banks or savings and loan associations doing business in this state if such banks or savings and loan associations are insured by the federal deposit insurance corporation or the federal savings and loan insurance corporation. Amounts in excess of those covered by federal insurance must be secured by the depository to the same extent and in the same manner as required by the general depository law of this state. 4. The local government pooled investment fund established pursuant to section 35-326. 5. Deposits placed in accordance with the procedures prescribed in section 35-323.01. B. A resolution pertaining to the issuance of notes may contain covenants prescribing the period that proceeds may be invested and the maximum yield on such investments during any period mentioned in the covenant.
AZ Rev Stat § 35-467.06 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-467.06 - Use of proceeds

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.
AZ Rev Stat § 35-467.07 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-467.07 - Rights of holders

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.
AZ Rev Stat § 35-467.08 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-467.08 - Prohibition against obligating state or political subdivisions; payment from revenues

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.
AZ Rev Stat § 35-468 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-468 - Definitions

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.
AZ Rev Stat § 35-468.01 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-468.01 - Bonds secured by water transportation revenues

35-468.01.  Bonds secured by water transportation revenues A. If a majority of the electors of a political subdivision voting at an election held pursuant to either article 3 of this chapter or title 15,  chapter 4,  article 5 authorizes the issuance of bonds,  the political subdivision may issue the bonds so authorized either in the manner provided in this article or the manner prescribed by the article under which the election was authorized. B. Bonds having an aggregate principal sum that exceeds the political subdivision's debt limit as set forth in article IX,  section 8,  Constitution of Arizona,  may nonetheless be issued pursuant to this section if an amount equal to all principal in excess of the debt limit and all interest on that portion of principal is payable solely from water transportation revenues pledged by the political subdivision to payment of principal and interest on the bonds. C. On sale of the bonds,  a schedule shall be filed with the treasurer of the issuer showing the amounts of principal and interest to be paid at each principal and interest payment date. The schedule shall prorate each payment between the amounts to be paid from taxes and the amounts paid from water transportation revenues. The governing body may use any reasonable method of allocation as long as the total principal amount to be paid from ad valorem taxes computed as of the date of initial issuance of the bonds does not exceed the political subdivision's debt limit. D. The political subdivision may pledge all or any part of the water transportation revenues it will thereafter receive to the payment of an amount of the debt service on the bonds equal to the principal and interest on the bonds that are not payable from taxes. This pledge constitutes an irrevocable assignment to the officer charged with paying the bonds that is binding on the political subdivision. No notice of the assignment need be filed or recorded and no public notice of any nature is required to make the pledge effective against any person claiming an interest in the water transportation revenues except a holder of the bonds. On receipt of any payment of water transportation revenues,  the officer shall cause a sufficient portion of the amount received to be deposited in the redemption fund and interest fund established under section 35-468.03 pertaining to the bonds. E. No bondholder may claim a preference as to source of payment over any other bondholder of the same series. F. Neither a bondholder nor a political subdivision has any right or claim to receive payment from a city or town that makes payments relating to remote municipal property under title 9,  chapter 4,  article 3.
AZ Rev Stat § 35-468.02 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-468.02 - Issuance of bonds

35-468.02.  Issuance of bonds A. The governing body of the political subdivision shall authorize and issue the bonds,  except that the board of supervisors of the county where a school district is located,  or the larger portion of a school district,  if the district is located in more than one county,  shall act as the governing body of the school district solely for the purpose of selling,  authorizing and issuing bonds of the school district. The bonds are fully negotiable within the meaning and for all purposes provided by title 47. B. The bonds may be issued in one or more series,  bear such dates,  be payable in such medium of payment and at such places,  bear such rates of interest,  including variable rates,  carry such registration privileges and prior redemption provisions,  be executed in such manner,  contain such other terms,  covenants and conditions and be in such form as the governing body of the political subdivision may prescribe. The bonds shall be sold at,  above or below par in such manner as the governing body may determine. C. The portion of the principal of the bonds payable from water transportation revenues shall not be construed to be a debt of the political subdivision.
AZ Rev Stat § 35-468.03 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-468.03 - Supplemental tax levy; interest fund; redemption fund

35-468.03.  Supplemental tax levy;  interest fund;  redemption fund A. After the bonds are issued,  the governing body or board issuing the bonds shall annually levy and cause to be collected a tax,  at the same time and in the same manner as other taxes are levied and collected on all taxable property in the political subdivision,  sufficient to pay the interest on the bonds when due and shall likewise annually levy a tax sufficient to pay the bonds at maturity,  in each instance net of amounts to be paid from water transportation revenues so that the levy does not exceed the amount required to pay debt service on the bonds to be paid from taxes pursuant to the schedule filed under section 35-468.01,  subsection C. Monies derived from the levy of the tax when collected shall be deposited in the interest fund and the redemption fund pertaining to the bonds. B. The treasurer of the political subdivision issuing the bonds shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into such funds revenues received from taxes and water transportation revenues in amounts sufficient to pay the interest and principal of such bonds next maturing. The funds shall be used solely to pay principal and interest on the bonds.
AZ Rev Stat § 35-468.04 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-468.04 - Pledge of revenues to secure debt instruments

35-468.04.  Pledge of revenues to secure debt instruments Notwithstanding any other provision of this article,  a political subdivision that receives water transportation revenues may pledge,  by separate covenant included in the resolution authorizing the issuance of any bonds under this article or obligations it may incur,  future receipts of such revenues to the payment of those bonds or obligations. The resolution authorizing those bonds or obligations may also provide for the assignment of such revenues to a trustee or paying agent for the purpose of securing the bonds. The pledge may be included in the resolution whether or not a reference to the pledge was included in the ballot submitted to the electorate of the political subdivision at the election authorizing the issuance of the bonds or obligations.
AZ Rev Stat § 35-468.05 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-468.05 - Agreement of state

35-468.05.  Agreement of state This state pledges to and agrees with the holders of the bonds that this state will not limit,  alter or impair the rights vested in any political subdivision under this article to receive the monies,  including water transportation revenues or an equivalent source,  necessary to produce sufficient revenue to fulfill the terms of any agreements made with the holders of the bonds,  or in any way impair the rights and remedies of the bondholders,  until all bonds issued under this article,  together with interest,  including interest on any unpaid installments of interest,  and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully met and discharged. The political subdivision may include this pledge and undertaking in its resolutions and indentures securing its bonds under this article.
AZ Rev Stat § 35-468.06 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-468.06 - Bonds as obligation of political subdivision

35-468.06.  Bonds as obligation of political subdivision Bonds issued under this article are obligations of the issuing political subdivision,  are payable only according to their terms and are not general,  special or other obligations of this state. The bonds do not constitute a legal debt of this state and are not enforceable against this state. Payment of the bonds is not enforceable out of any state monies other than the revenue pledged and assigned to,  or in trust for the benefit of,  the holders of the bonds.
AZ Rev Stat § 35-468.07 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-468.07 - Supplemental law

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.
AZ Rev Stat § 35-471 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-471 - Refunding bonds; resolution authorizing issuance; definition

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.
AZ Rev Stat § 35-472 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-472 - Form and contents of bonds; payment of principal and interest

35-472.  Form and contents of bonds;  payment of principal and interest A. The refunding bonds shall be negotiable in form,  executed in the name of the county,  school district,  city or town or similar municipal corporation,  signed by the chairman of the governing board or body,  countersigned by the county or municipal treasurer,  sealed with the seal of the county or municipality and attested by the clerk. B. The principal and interest of the bonds shall be payable at the office of the county or municipal treasurer or at such other place as designated in the bonds and coupons,  at the option of the holder.
AZ Rev Stat § 35-473 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-473 - Limitation on issuance of refunding bonds

35-473.  Limitation on issuance of refunding bonds A. Notwithstanding the provisions of section 35-426 through section 35-429,  or any other provision of law to the contrary,  no bonds shall be issued by or on behalf of any county,  school district,  city or town,  or other municipal corporation or political subdivision of the state for the purpose of calling or redeeming outstanding bonds which have not matured or which are not callable for redemption under the express provisions of the proceedings authorizing such bonds,  but if the holder or holders of all or any portion of such bonds first consent thereto in writing,  refunding bonds may be issued for the purpose of redeeming the bonds held by such consenting holder or holders. B. Refunding bonds issued in advance of maturity of the bonds to be refunded shall only be issued in the manner set forth in section 35-473.01.
AZ Rev Stat § 35-474 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-474 - Levy of tax for payment of bonds; security

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.
AZ Rev Stat § 35-475 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-475 - Exchange or sale of bonds; record of bonds paid or retired

35-475.  Exchange or sale of bonds;  record of bonds paid or retired A. The refunding bonds may be exchanged in like amount for the bonds to be refunded,  or they may be sold by the governing board or body at not less than par and accrued interest,  and the proceeds applied to the purpose for which the bonds were issued. B. The governing board or body shall keep a record disclosing the date,  number,  amount and maturity of each bond,  the payments of interest or principal thereon,  and its destruction when paid or retired. All bonds paid and retired shall be burned and destroyed by the governing board or body.
AZ Rev Stat § 35-481 (2021)
2021 Arizona Revised Statutes|Title 35 - Public Finances|§ 35-481 - Applicability

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.