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2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5909 - General plan

48-5909.
General plan
Within sixty days after formation of the district,  the governing board shall adopt a district general plan that shall contain at least that information prescribed by section 48-5902 and that shall be substantially similar to the preliminary general plan for the district. The district general plan may be amended only by the district board of directors at a public meeting of the board.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5910 - Powers of the district

48-5910.
Powers of the district
A. In addition to the powers otherwise granted to a district pursuant to this article,  a district,  in furtherance and in accordance with its general plan,  may:
1. Enter into contracts and expend money for any water related facilities purpose that is consistent with the general plan.
2. Enter into intergovernmental agreements as prescribed in title 11,  chapter 7,  article 3 for the planning,  design,  inspection,  ownership,  control,  maintenance,  operation or repair of water related facilities.
3. Sell,  lease or otherwise dispose of district property if the sale,  lease or conveyance is not a violation of the terms of any contract or bond resolution of the district.
4. Construct,  operate,  maintain and repair water related facilities except for facilities that are customarily used to serve individual customers of municipal water providers.
5. Establish,  charge and collect user fees,  rates or charges for the use of water related facilities or services.
6. Employ staff,  counsel and consultants.
7. Accept gifts,  grants and donations and incur and repay loans for any water related facilities purpose.
8. Enter into agreements with landowners and the county for the collection of fees and charges from landowners for water related facilities purposes,  the advance of monies by landowners for water related facilities purposes or the granting of real property by landowners for water related facilities purposes.
9. Pay the financial,  legal and administrative costs of the district,  including the costs of district formation and the costs of any initial feasibility studies incurred on behalf of the district and before the formation of the district,  except that those feasibility study costs may be paid only after those studies are completed.
10. Enter into contracts,  agreements and trust indentures to obtain credit enhancement or liquidity support for its bonds and process the issuance,  registration,  transfer and payment of its bonds and the disbursement and investment of proceeds of the bonds.
11. Use public easements and rights-of-way in or across public property,  roadways,  highways,  streets or other thoroughfares and other public easements and rights-of-way.
12. Enter into grants and loans with any federal,  state or local entity.
B. In connection with any power authorized by statute,  the district,  in furtherance and in accordance with the general plan,  may:
1. Enter into contracts.
2. Enter into intergovernmental agreements pursuant to title 11,  chapter 7,  article 3.
3. Sue and be sued.
C. The district shall not:
1. Engage in the retail sale of water.
2. Exercise the power of eminent domain.
3. Use district monies to acquire water rights.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5911 - Project approval; resolution of project intent

48-5911.
Project approval;  resolution of project intent
A. Before constructing,  acquiring or financing any water related facilities,  the district board shall cause a report to be prepared on the feasibility and benefits of the project. The study shall be prepared by engineers and other qualified persons and shall include at least the following:
1. A description of the water related facilities to be constructed or acquired and all other information useful to understanding the project.
2. A map showing the general location of the project.
3. An estimate of the cost to construct,  acquire,  operate and maintain the project.
4. An estimated schedule for completion of the project.
5. A map or description of the area to be benefited by the project.
6. A plan for financing the project,  including a preliminary analysis of how capital,  operation and maintenance costs will affect landowners and water rate payers.
B. The board shall hold a public hearing on the report prescribed in subsection A and shall provide notice of the hearing by publication at least ten days in advance in a newspaper of general circulation in the county and by mail to the governing board of the county.
C. If any of the municipal water providers participating in the district is a private water company,  the district board shall provide the director of the utilities division of the corporation commission with the report prepared pursuant to subsection A and written notice of the public hearing that the board shall hold pursuant to subsection B,  at least ten days before the hearing.
D. After the hearing,  the district board may reject,  amend or approve the report prescribed in subsection A. If the report is substantially amended,  a new hearing shall be held before final approval of the report by the board. A change in the scope of the project constitutes a substantial amendment to the report. If the report is approved,  the district board shall adopt a resolution of project intent which shall identify the water related facilities in the project,  the areas benefited,  the expected method of financing and an appropriate system for providing revenues to operate and maintain the project.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5913 - Public records; open meetings

48-5913.
Public records;  open meetings
A. The district shall keep the following records,  which shall be open to public inspection as prescribed by section 39-121:
1. Minutes of all meetings of the district board.
2. All resolutions of the district board.
3. Accounts showing all monies received and disbursed.
4. The annual budget of the district.
5. All other records that are required to be maintained by law.
B. The district board is a public body and is subject to title 38,  chapter 3,  article 3.1,  relating to public meetings and proceedings.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5914 - Annual report

48-5914.
Annual report
A. The district shall issue an annual report that is consistent with section 35-501 and that includes:
1. A financial statement that conforms with generally accepted accounting procedures and that includes district revenues,  expenditures and indebtedness.
2. A description of the activities of the district related to the design,  construction,  operation and maintenance of district facilities.
B. The district shall make copies of the annual report available for public inspection and shall furnish copies at no cost to persons within the district on request.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5915 - Dissolution of district

48-5915.
Dissolution of district
A. The district may be dissolved by the district board by a resolution of the district board if either the district does not have financial or operating obligations or if the financial or operating obligations of the district have been lawfully assumed by some other entity.
B. The district board shall comply with the conditions prescribed by subsection A and shall dissolve the district if both of the following occur:
1. The district board has consented to comply with the conditions prescribed by subsection A and either:
(a) Dissolution has been approved by a vote of the qualified electors of the district voting in an election called for that purpose.
(b) The district board determines that the district has been inactive for at least five consecutive years and has no future purpose.
2. The district board adopts a resolution dissolving the district and records the resolution in the office of the county recorder.
C. The district board may call an election on the dissolution of the district and shall call such an election if requested to do so in a petition signed by ten per cent of the qualified electors of the district.
D. The election shall be called and held in the same manner as a formation election,  except that the ballot shall contain the words " dissolution,  yes"  and " dissolution,  no" .
E. The district shall not be dissolved if any revenue bonds of the district remain outstanding unless an amount of money sufficient,  together with investment income,  to make all payments due on the revenue bonds either at maturity or prior redemption has been deposited with a trustee or escrow agent and pledged to the payment and redemption of the bonds. The district may continue to operate after dissolution only as needed to collect money and make payments on any outstanding bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5931 - Sources of revenue

48-5931.
Sources of revenue
The projects to be constructed or acquired as shown in the general plan may be financed from the following sources of revenue:
1. Proceeds received from the sale of revenue bonds of the district.
2. State or federal grants,  loans or contributions.
3. Private gifts,  grants or donations.
4. User,  landowner and other fees and charges.
5. Proceeds of loans or advances.
6. Financial and technical assistance from the water infrastructure finance authority of Arizona.
7. Financial and technical assistance from the greater Arizona development authority.
8. Any other monies available to the district by law.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5932 - Revenue bonds; authorization

48-5932.
Revenue bonds;  authorization
A. At any time after the district board has adopted a resolution of project intent,  the district board shall hold a hearing on the question of authorizing the district board to issue revenue bonds of the district to provide monies for any water related facilities purposes consistent with the general plan.
B. If revenue bonds are approved by resolution,  the district board may issue and sell revenue bonds of the district.
C. Bonds shall not be issued by the district unless the bonds receive one of the four highest investment grade ratings by a nationally recognized bond rating agency or the district obtains credit enhancements that cause the rating on the bonds to increase to one of the four highest investment grade ratings.
D. The district shall prescribe fees and charges and shall revise them when necessary to generate revenue that is sufficient with any monies from any other sources of the district to pay when due the principal and interest of all revenue bonds for payment of which the revenue has been pledged.
E. If in the resolution of the district board the revenues to be pledged were limited to certain types of revenues,  only those types of revenues may be pledged and only those revenues are required to be maintained.
F. The district may issue and sell refunding bonds to refund any revenue bonds of the district.
G. A holder of revenue bonds issued under this article shall not compel any exercise of the taxing power of any other district,  municipality or county to pay the bonds or the interest on the bonds. Revenue bonds that are issued under this article are not a debt of any other district,  municipality,  private water company or county,  nor is the payment of revenue bonds enforceable out of any monies other than the revenue pledged to the payment of the bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5951 - Private water company actions; corporation commission approval

48-5951.
Private water company actions;  corporation commission approval
Notwithstanding any other provision of this chapter,  a private water company that is a participating municipal water provider shall not do any of the following until after obtaining the approval of the corporation commission:
1. Incur any debt of any kind in joining a district or in acting as a member of a district.
2. Create any financial or operating obligation in joining a district or in acting as part of a district.
3. Provide water or wastewater services as part of its participation in a district to any person or entity that is located outside the private water company's service territory allowed under its certificate of convenience and necessity.
4. Recover any costs associated with the formation of a district or any costs associated with participating as a member of a district.
5. Impose any charges or fees to any of its customers or change any rate,  in connection with forming,  participating in or dissolving a district.
6. Transfer any assets to a district.
7. Allow a district to use the private water company's billing system to bill for district fees,  rates or charges.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6001 - Definitions

48-6001.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Assessment"  means a tax assessment made under this chapter for the purpose of financing the maintenance and operating costs of the district.
2. " Chairman of the board"  means the person designated to preside over meetings of the board of directors of the district.
3. " District"  means a recreational corridor channelization district established pursuant to this chapter.
4. " Owner"  means the person in whose name legal title appears by recorded deed,  or the person in possession under claim of title,  as the person exercising acts of ownership for himself or as the personal representative of the owner,  including the governing boards of school districts owning property within the district.
5. " Watercourse master plan"  means a hydraulic plan for a watercourse that is prepared by a county flood control district,  that examines the cumulative impacts of existing development and future encroachment in the floodplain and future development in the watershed on potential flood damages and that establishes technical criteria for subsequent development so as to minimize potential flood damages for all flood events up to and including the one hundred-year flood.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6004 - Report submittal; petition; formation of district

48-6004.
Report submittal;  petition;  formation of district
A. On completion of the design concept report,  including finalization of the finance and governance plan,  the initial management oversight committee shall submit the report to the county board of supervisors for its approval. The design concept report shall be accompanied by a petition that purports to be signed by a number of property owners that own more than fifty per cent of the real property in the revised boundaries of the proposed preliminary phase of the district. On completion of the filing and a determination by the board of supervisors that the requisite number of property owners has signed the petition and that the public health,  comfort,  convenience,  necessity or welfare would be promoted by the formation of the district,  the county board of supervisors may approve the district and,  if approved,  shall appoint five persons to be the board of directors for the district. The county board of supervisors may also appoint an advisory board for the district.
B. On approval by the county board of supervisors,  the legal description of the preliminary phase of the district shall be recorded in the office of the county recorder for the county in which the district is located. On recording the district description,  the district is formed.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6005 - Board of directors; qualifications; expenses

48-6005.
Board of directors;  qualifications;  expenses
A. A district shall be governed by a board of five directors. Members of the board of directors shall be registered voters of the county. District directors shall serve four year terms.
B. Members of the board of directors are not eligible to receive compensation but are eligible for reimbursement of expenses.
C. The board of directors shall annually elect from among its members a chairman of the board to serve as the chief executive officer of the board of directors of the district.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6007 - Dissolution of recreational corridor channelization district; disposition of property; tax for outstanding indebtedness

48-6007.
Dissolution of recreational corridor channelization district;  disposition of property;  tax for outstanding indebtedness
A. A district that is organized under this chapter and that has no outstanding legal indebtedness may be dissolved after a vote of a majority of the registered voters of the district at a special election called by the board of directors on the question of dissolution. If a majority of the votes cast favors dissolution,  the district shall submit to the county board of supervisors and cities or towns in which the district is organized a detailed statement showing the lands owned by the district and the political jurisdictions in which they are located. The district shall also submit an audited statement showing that the district has no unpaid legal or other indebtedness or contingent liabilities,  including claims for damages or injuries. After the board of supervisors has received this information and found the dissolution to be in the best interest of the public,  the board of directors shall by resolution declare the district dissolved. Within fifteen days after its adoption,  a certified copy of the resolution shall be filed with the clerk of the board of supervisors of the county in which the district was located.
B. On dissolution of a district,  ownership of any property owned by the district and developed as a recreational corridor shall be transferred without compensation to the county,  city or town in which it is located if the county,  city or town agrees in writing to accept the property. Before dissolution,  the district shall sell any property not transferred to the county,  city or town. Any monies of the district at the time of dissolution shall be held by the county for two years and,  if not needed to pay any indebtedness or contingent liabilities of the district,  shall be transferred to the county,  city or town in which the district lies in direct proportion to the assessed valuation of taxable real property within the city,  town or county,  respectively,  as it appears on the current assessment rolls.
C. After dissolution of a district,  if it appears that there remains unpaid a legal indebtedness,  the board of supervisors of the county in which the district was located shall levy a tax on the real property within the district,  as it existed at the time of dissolution,  sufficient to pay the indebtedness and interest on the indebtedness and shall pay the indebtedness and interest from the proceeds of the tax.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6009 - Termination of formation authority; existing districts; effect on financial provisions

48-6009.
Termination of formation authority;  existing districts;  effect on financial provisions
A. Beginning July 1,  2015,  a new district may not be formed pursuant to this chapter.
B. This section shall not be construed to:
1. Limit the authority or otherwise affect the validity of any district formed pursuant to this chapter before July 1,  2015.
2. Affect the validity or enforceability of any legal or financial obligation or benefit incurred by a district formed pursuant to this chapter before July 1,  2015 without regard to when the legal or financial obligation or benefit is incurred.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6022 - Terms of bonds

48-6022.
Terms of bonds
With respect to any bonds,  the district board shall prescribe the denominations of the bonds,  the size of each issue and the form of the bonds and shall establish the maturities,  interest payment dates and interest rates,  whether fixed or variable,  not exceeding the maximum rate stated in the notice of the election or the resolution of the district board. The bonds may be sold by competitive bid or negotiated sale for public or private offering at,  below or above par. If the bonds are sold below par,  the aggregate amount of discount and interest to be paid on the bonds shall not exceed the amount of interest which would have been payable on those bonds pursuant to the maturity schedule prescribed by the district board at the maximum rate set out in the bond resolution. The proceeds of the sales shall be deposited with the treasurer,  or with a trustee or agent designated by the district board,  to the credit of the district to be withdrawn for the purposes provided by this article. Pending that use,  the proceeds may be invested as determined by the district. The bonds may contain such terms,  conditions,  covenants and agreements as the district board deems proper. The bonds may be payable from any combination of revenues or special assessments of the district on real property and as specified in the bonds provided that all applicable requirements of those sections are met.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6023 - Annual financial estimate and budget

48-6023.
Annual financial estimate and budget
The district board shall make annual statements and estimates of the operation and maintenance expenses of the district,  the costs of capital improvements to be financed by the district and the amount of all other expenditures for district purposes and enhanced services proposed to be paid from assessments. The district board shall file the annual statements and estimates with the clerk. The district board shall publish a notice of the filing of the estimate,  shall hold hearings on the estimate and shall adopt a budget. The board,  on or before the date set by law for certifying the annual budget of the county,  shall fix,  levy and assess the amounts to be raised by assessments of the district and shall cause certified copies of the order to be delivered to the board of supervisors. All statutes relating to the levy and collection of assessments and sale of property for nonpayment of assessments apply to the district assessments provided for by this section.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6201 - Definitions

48-6201.
Definitions
(Conditionally Rpld.)
In this chapter,  unless the context otherwise requires:
1. " Board"  means the board of directors of a district.
2. " District"  means a theme park district established pursuant to this chapter.
3. " Site host"  means a city or county.
4. " Theme park" :
(a) Means any combination of recreational,  entertainment,  sports,  amusement and cultural venues and parking facilities with a central access designed and built around a particular time,  place,  story or subject,  including consistent presentation of architecture,  costuming,  merchandise,  food,  games,  rides and attractions.
(b) Includes any buildings and improvements used for overnight lodging or accommodation of theme park patrons and other guests.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6202 - Formation of district

48-6202.
Formation of district
(Conditionally Rpld.)
A. The governing bodies of a city with a population of more than one million persons and a county with a population of more than one hundred twenty-five thousand persons and in which the city is located entirely in that county may establish a theme park district as provided by this chapter. For the purposes of this subsection,  the population shall be determined according to the most recent population estimate data produced by the office of economic opportunity at the time the district is established. The district may include theme park sites in only the city establishing the district. The city and the county shall establish the geographical boundaries of the district,  which shall include only the sites of the theme parks and which shall consist of only contiguous property. The district may be established with a single theme park site. Any additional sites may be added after the district is initially established and the geographical boundaries of the district may be revised after it is initially established,  except that the district shall continue to consist of only contiguous property in that city.
B. The district is a corporate and political body and,  except as otherwise limited,  modified or provided by this chapter,  has all of the rights,  powers and immunities of municipal corporations.
C. The district is considered to be a tax levying public improvement district for the purposes of article XIII,  section 7,  Constitution of Arizona.
D. The district is regarded as performing a governmental function in carrying out the purposes of this chapter. The property acquired,  leased or constructed by the district,  the activities of the district in maintaining and caring for the property and the monies derived by the district from operating the property are exempt from state and local income and property taxation. A hotel building that is located in a district that is less than twenty acres and contains less than one million square feet of building or other improvements is not exempt from state and local property taxation. At the conclusion of the lease,  that hotel building shall be returned to the lessee under the lease with the district and if subject to a ground lease with a tax exempt entity,  the hotel building and other improvements are subject to state and local property taxation as possessory improvements on government property as defined in section 42-15301.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6203 - Board of directors

48-6203.
Board of directors
(Conditionally Rpld.)
A. The district is governed by a board of directors consisting of the following members:
1. One member of the governing body of the city establishing the district,  elected by the governing body.
2. One member of the governing body of the county establishing the district,  elected by the governing body.
3. One member of the general public who resides in Apache,  Coconino,  Mohave,  Navajo or Yavapai county,  appointed by the speaker of the house of representatives.
4. One member of the general public who resides in Maricopa county,  appointed by the president of the senate.
B. Members of the board of directors who also serve on the governing body of a city or county establishing the district serve during their terms of office on the governing body of the city or county,  unless a successor is earlier elected by the respective governing body to replace the member for any reason. Other members of the board of directors shall serve four-year terms.
C. Members are not eligible for compensation for service on the board of directors.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6204 - Administrative powers and duties

48-6204.
Administrative powers and duties
(Conditionally Rpld.)
A. The board of directors,  on behalf of the district,  may:
1. Adopt and use a corporate seal.
2. Sue and be sued.
3. Enter into contracts,  including intergovernmental agreements under title 11,  chapter 7,  article 3,  as necessary to carry out the purposes and requirements of this chapter.
4. Adopt administrative rules as necessary to administer and operate the district and any property under its jurisdiction.
5. Acquire by any lawful means,  except the power of eminent domain,  and operate,  maintain,  encumber,  lease and dispose of real and personal property and interests in property.
6. Retain legal counsel and other consultants as necessary to carry out the purposes of the district.
B. The board of directors shall:
1. Appoint from among its members a chairperson,  a secretary and such other officers as may be necessary to conduct its business.
2. Designate a fiscal agent to deposit,  hold,  invest and disburse the district's monies.
3. Provide for the acquisition,  construction,  renovation,  redevelopment,  lease,  use and maintenance of the properties and interests owned or controlled by the district.
4. Keep and maintain a complete and accurate record of all of its proceedings. The board is a public body for purposes of title 38,  chapter 3,  article 3.1 and title 39,  chapter 1.
5. Enter into intergovernmental agreements with the county and city,  pursuant to title 11,  chapter 7,  article 3,  for administrative and staff support and meeting accommodations for accomplishing the purposes of the district.
6. Enter into contracts,  leases and other agreements in the interest of the district or to carry out and accomplish the purposes of this chapter,  including construction contracts and agreements with users of the theme parks. If the district issues bonds,  the following apply until the bonds are fully repaid:
(a) The district shall provide in its lease or use agreement with the lessee or user that the lessee or user may not relocate,  significantly reduce its operation or terminate its agreement with the district.
(b) The lessee or user may not move to a location in another state.
(c) The lessee or user may not be a lessee or user or otherwise be a participant in a different district or use or participate in an agreement to use or construct a professional sports stadium or field in a location outside the district other than for a training stadium or field.
7. Contract for consulting,  legal,  accounting and other outside professional services,  including a professional facility management company.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6205 - Conflicts of interest

48-6205.
Conflicts of interest
(Conditionally Rpld.)
A. The directors of the district are subject to title 38,  chapter 3,  article 8,  relating to conflicts of interest,  including the penalties prescribed by section 38-510.
B. A member of the board of directors shall not have any direct or indirect financial interest in any:
1. Property owned,  purchased or constructed by the district.
2. Contract entered into by the district.
3. Private corporation or other entity with which the district contracts.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6232 - Operational powers of district

48-6232.
Operational powers of district
(Conditionally Rpld.)
The district,  through the board of directors,  may:
1. Approve contractors and architects to construct facilities,  unless an architect will be employed directly by a contractor.
2. Negotiate agreements with the contractor and architect,  unless the architect will be employed directly by the contractor.
3. Work with the users,  contractors and architects to prepare a themed design for the facilities.
4. Prepare construction budgets and schedules.
5. Prepare the annual operating budget for the district pursuant to section 48-6251.
6. Negotiate lease or use agreements with parties that will occupy and use the district facilities.
7. Review construction change order requests.
8. Arrange for capital financing,  as needed.
9. In consultation with the users of the district's facilities,  negotiate one or more contracts for the lease,  use,  management,  operation and maintenance of the district's facilities.
10. Take any other actions that are necessary to ensure that the district's facilities are constructed according to the schedule and budget.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6233 - Site host relations

48-6233.
Site host relations
(Conditionally Rpld.)
A. The district may locate any of its facilities on real property leased from one or more site hosts. The district may negotiate agreements with site hosts,  including intergovernmental agreements pursuant to title 11,  chapter 7,  article 3 if a site host is a public agency as defined in section 11-951,  concerning the real property,  infrastructure and parking to be provided by the site host. All agreements must:
1. Provide that the site host shall indemnify and hold the district harmless from any liability to the extent resulting from the negligent or intentional acts or omissions of the site host or its representatives and agents or employees resulting from any access ways provided by the site host and reasonably used by the public for ingress and egress to the land,  infrastructure and parking facilities provided by the site host for use in connection with any theme park.
2. Require the site host to maintain insurance or an adequate self-insurance plan for any liability of the site host,  with a waiver of sovereign immunity if necessary.
B. Before entering into an agreement with any site host,  the district shall require assurance that the site host has the financial capability to perform its obligations under any agreement with the district.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6234 - Regulating sale, use and consumption of alcoholic beverages

48-6234.
Regulating sale,  use and consumption of alcoholic beverages
(Conditionally Rpld.)
Subject to the requirements of title 4,  the board may permit or prohibit the sale,  use and consumption of alcoholic beverages on property acquired,  leased or subleased under this chapter.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6251 - Annual budget

48-6251.
Annual budget
(Conditionally Rpld.)
A. On or before June 30 of each year,  the board shall hold a public hearing to adopt a budget for the following fiscal year that includes:
1. District receipts during the preceding fiscal year.
2. Expenditures during the preceding fiscal year.
3. Estimates of amounts necessary for expenses during the following fiscal year,  including amounts proposed for:
(a) Costs of planning,  constructing,  financing and maintaining the district's facilities.
(b) Administrative costs of the district.
4. Anticipated revenue to the district from each source in the following fiscal year.
5. A complete asset and liability statement.
6. A statement of profit or loss.
7. Cash on hand as of the date the budget is adopted and the anticipated balance at the end of the current fiscal year.
8. An itemized statement of commitments,  reserves and anticipated obligations for the following fiscal year.
9. A description of the amount and nature of private funding and financing committed to theme park purposes as required by section 48-6272,  subsection D.
B. The board may amend the budget on a finding of good cause.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6252 - General fund; investments

48-6252.
General fund;  investments
(Conditionally Rpld.)
A. The district shall maintain a general fund and may establish accounts and subaccounts within the general fund as necessary and convenient. All revenues and monies received by the district shall be deposited in the general fund.
B. The district may invest any unexpended monies in the fund as provided in title 35,  chapter 2. Interest and other income from investments of monies in any account shall be credited to that account except as otherwise provided by law.
C. The district's investments must mature when the fund assets will be required for the purposes of this chapter. If the liquid assets in the fund become insufficient to meet the district's obligations,  the board shall direct the fiscal agent to liquidate sufficient securities to meet all of the current obligations and immediately notify the auditor general of the insufficiency. The auditor general shall investigate and audit the circumstances surrounding the depletion of the fund and report the findings to the board.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6253 - Transaction privilege tax; administration; expiration

48-6253.
Transaction privilege tax;  administration;  expiration
(Conditionally Rpld.)
A. The district shall levy a transaction privilege tax on business activity in the district that is subject to taxation under title 42,  chapter 5. The tax shall be levied at up to a maximum rate of nine percent of the gross proceeds of sales or gross income derived from the business,  including admission and user fees. The board may use its discretion in approving differing percentage rates for the tax imposed pursuant to this section that may vary by type of tangible personal property sold or by revenue source.
B. The board may not approve a tax rate that is less than nine percent for a theme park if all of the following apply:
1. The total amount of bonds sold for the theme park is less than $300, 000, 000.
2. The theme park is less than twenty acres.
3. The theme park contains less than one million square feet of buildings or other improvements.
C. The tax imposed pursuant to this section is in addition to transaction privilege and use taxes imposed by this state pursuant to title 42,  chapter 5 and any county,  city,  town or other local transaction privilege tax.
D. Unless the context otherwise requires,  section 42-6102 governs the administration of the tax imposed under this section.
E. Each month the state treasurer shall remit to the district the net revenues collected under this section during the preceding month. The district shall deposit the monies in the district's general fund.
F. The tax imposed pursuant to this section expires when all bonds,  interest and other charges related to bonds issued under article 4 of this chapter have been paid. The district shall immediately notify the department of revenue when those expenses have been satisfied. Any amounts collected after payment of the bonds,  interest and related charges,  after audit by the auditor general,  shall be retained or remitted by the state treasurer and credited to the state general fund.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6254 - Voluntary payments in lieu of property taxes

48-6254.
Voluntary payments in lieu of property taxes
(Conditionally Rpld.)
A. The board may provide for voluntary payments of money to taxing jurisdictions in which district property is located in lieu of taxes otherwise levied by those jurisdictions.
B. If the board elects to make direct payments under this section to any taxing jurisdiction in any tax year:
1. On or before April 1,  the board shall notify the county assessor of the county in which the property is located of its election to make a payment under this section.
2. The board shall pay to the county treasurer one-half of the amount not later than the first Monday in November and the other one-half not later than the first Monday in May of the next year.
C. The board shall make any direct payments under this section from any unrestricted and unencumbered monies in the general fund. The payments are considered to be an operating expense of the district.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6255 - Audit; joint legislative budget committee

48-6255.
Audit;  joint legislative budget committee
(Conditionally Rpld.)
A. The board shall cause an annual audit to be conducted of the district's funds,  accounts and subaccounts by an independent certified public accountant within one hundred twenty days after the end of the fiscal year.
B. The board shall immediately file a certified copy of the audit with the auditor general. The auditor general may make such further audits and examinations as necessary and may take appropriate action relating to the audit or examination pursuant to title 41,  chapter 7,  article 10.1. If the auditor general takes no further action within thirty days after the audit is filed,  the audit is considered to be sufficient.
C. The board shall pay negotiated and approved fees and costs of the certified public accountant and auditor general under this section.
D. At the request of the chairperson of the joint legislative budget committee,  a representative of the board shall appear before the joint legislative budget committee to report on any aspect of the district's operation,  including the activities and financial performance of the district during the previous fiscal year,  the district's plans for capital improvements,  other expenditures and investment and the district's response to the audit conducted pursuant to this section.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6256 - Performance audit; bonds; dissolution of district

48-6256.
Performance audit;  bonds;  dissolution of district
(Conditionally Rpld.)
A. The auditor general shall conduct a performance audit as defined in section 41-1278 of the district and its operations,  which shall be completed not more than three hundred months after the date of the initial issuance of bonds authorized by section 48-6272. The audit shall be submitted to the board of directors of the district and to the joint legislative audit committee or its successor. The auditor general shall provide copies of the audit to the secretary of state and the executive director of the Arizona legislative council.
B. At the direction of the board of directors but not later than sixty months after the date the performance audit is delivered to the joint legislative audit committee pursuant to subsection A of this section:
1. The board of directors shall wind up the affairs of the district.
2. The board of directors shall sell all district property and other assets to the highest and best bidders at public auction. The proceeds of the auction shall be used to retire all outstanding district obligations and any remaining proceeds shall be transferred to the state treasurer for credit to the state general fund.
3. The district is dissolved. On dissolution of the district,  the board shall notify the executive director of the Arizona legislative council of the date of dissolution.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6271 - Definitions

48-6271.
Definitions
(Conditionally Rpld.)
In this article,  unless the context otherwise requires:
1. " Bond related expenses"  means any expenses incurred by the district to issue and administer its bonds,  including underwriting fees and costs,  trustee fees,  financial consultant fees,  printing and advertising costs,  paying agent fees,  transfer agent fees,  legal,  accounting,  feasibility consultant and other professional fees and expenses,  credit enhancement fees,  attorney and accounting fees and expenses related to credit enhancement,  bond insurance or liquidity enhancement,  remarketing fees,  rating agency fees and costs,  travel and telephone expenses and all other fees considered necessary by the district in order to market and administer the bonds.
2. " Bonds"  means the revenue bonds of the district issued pursuant to this article.
3. " Theme park purpose"  includes the following purposes:
(a) The capital costs of acquiring,  designing,  developing,  constructing,  reconstructing,  equipping and improving theme park facilities and directly related improvements and of on-site and off-site public infrastructure.
(b) The payment of bond obligations.
(c) Bond related expenses.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6272 - Authorization of revenue bonds; conditional expiration

48-6272.
Authorization of revenue bonds;  conditional expiration
(Conditionally Rpld.)
A. Subject to subsections D and E of this section,  the district may issue negotiable revenue bonds pursuant to this article in a principal amount that is necessary to:
1. Provide sufficient monies for theme park purposes. The board may segregate any theme park purpose for separate financing,  and may issue bonds separately or together,  in one or more issues.
2. Establish and fully or partially fund any reserves or sinking accounts established by the bond resolution.
3. Issue refunding bonds if the board considers refunding to be expedient. The board may provide for investing and holding the proceeds of the refunding bonds in trust for the benefit of the holders of the bonds being refunded.
4. Refund any bonds issued by the district if the bonds are secured from the same source of revenues as the bonds authorized in this article by issuing new bonds,  whether the bonds to be refunded have or have not matured.
5. Issue bonds partly to refund outstanding bonds and partly for any theme park purpose consistent with this article.
B. The sum of all bonds issued by all districts established pursuant to this article shall not exceed an outstanding principal amount of $2, 000, 000, 000 at any given time,  except for refunding bonds and other bonds issued to refund outstanding bonds of the districts.
C. The board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The district's revenue sources that are pledged and dedicated to secure the bonds.
2. The rate or rates of interest,  which may be fixed or variable,  the date or dates on which interest is payable and the denominations of the bonds.
3. The date or dates of the bonds and maturity,  which shall be within thirty years after the date of issuance.
4. The manner of executing the bonds.
5. The medium and place of payment.
6. The terms of redemption,  which may provide for a premium for early redemption.
D. The board shall not issue bonds under this article unless it receives irrevocable and legally enforceable financial participation commitments from private nongovernmental entities for theme park purposes,  including from new market tax credits,  in an amount equal to twenty percent of the principal amount of the bond issue.
E. The authority of the board of directors to issue bonds under this article expires if the board fails to issue any bonds on or before December 31,  2031.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6273 - Issuance and sale of bonds

48-6273.
Issuance and sale of bonds
(Conditionally Rpld.)
A. The board shall issue the bonds in the number and amount provided in the resolution. The board shall provide notice of its intention to issue bonds in a manner consistent with market practice.
B. The bonds may be sold by competitive public sale,  through an on-line bidding process or at negotiated sale for public or private offering at the price and on the terms prescribed in the resolution. For the purposes of this subsection,  " on-line bidding process"  means a procurement process in which the board receives bids electronically over the internet in a real-time,  competitive bidding event.
C. The amount of bond related expenses paid from net premium associated with a bond issue may not exceed two per cent of the par value of the bond issue. For the purposes of this subsection,  " 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.
D. The proceeds from the sale of the bonds shall be deposited in the bond proceeds account established pursuant to section 48-6274.
E. Title 35,  chapter 3,  article 7 applies to the board and to bonds issued under this article.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6274 - Bond proceeds account

48-6274.
Bond proceeds account
(Conditionally Rpld.)
A. If the district issues bonds under this article,  the board shall establish a bond proceeds account within the general fund consisting of monies received from the sale of the bonds.
B. The district may use monies in the bond proceeds account only for theme park purposes in the manner prescribed by this chapter.
C. The fiscal agent of the district shall administer and account for the bond proceeds account.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-6275 - Debt service account

48-6275.
Debt service account
(Conditionally Rpld.)
A. If the district issues bonds under this article,  the board shall establish a debt service account within the general fund consisting of monies designated and dedicated by the board for repayment of the bonds and payment of costs and related expenses associated with redeeming the bonds.
B. Monies in the debt service account may be used only for the purposes authorized by this article.
C. The fiscal agent of the district shall administer and account for the debt service account.