reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5610 - Records; disclosure; evidentiary effect

41-5610.
Records;  disclosure;  evidentiary effect
A. Records that are submitted to or obtained by the attorney general in administering this chapter are not public records or open for inspection by the public.
B. Records and information that are submitted or obtained pursuant to this chapter may be disclosed to any of the following:
1. State and federal agencies.
2. Representatives of foreign countries that have regulatory or supervisory authority over the activities of the sandbox participant.
3. A federal,  state or county grand jury in response to a lawful subpoena.
4. The state auditor general for the purpose of conducting audits authorized by law.
C. The attorney general and any applicable agency consulted by the attorney general pursuant to section 41-5604 are not liable for the disclosure of records,  information or data received or obtained pursuant to this chapter.
D. The disclosure pursuant to subsection B of this section of a complaint or the results of an examination,  inquiry or investigation of a sandbox participant does not make that information a public record and the sandbox participant or the sandbox participant's holding company may not disclose that information to the general public unless the disclosure is required by law. A sandbox participant or the sandbox participant's holding company may not disclose,  use or reference in any form comments,  conclusions or results of an examination,  inquiry or investigation in any type of communication to a customer or potential customer.
E. This section does not prevent the disclosure of information that is admissible in evidence in a civil or criminal proceeding brought by a state or federal law enforcement agency to enforce or prosecute civil or criminal violations of the law.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5611 - Reporting requirements; monitoring; enforcement; agreements

41-5611.
Reporting requirements;  monitoring;  enforcement;  agreements
A. The attorney general may establish periodic reporting requirements for sandbox participants.
B. The attorney general may seek records,  documents and data from sandbox participants. On the attorney general's request,  sandbox participants must make such records,  documents and data available for inspection by the attorney general.
C. If the attorney general has reasonable cause to believe that a sandbox participant has engaged in,  is engaging in or is about to engage in any practice or transaction that is in violation of this chapter,  that constitutes an unlawful practice under section 44-1522 or that constitutes a violation of a state or federal criminal law,  the attorney general may remove a sandbox participant from the regulatory sandbox or order a sandbox participant to exit the regulatory sandbox pursuant to section 41-5607.
D. Removal from the regulatory sandbox is not an appealable agency action for the purposes of chapter 6,  article 10 of this title.
E. Sandbox participants are subject to the consumer fraud provisions under title 44,  chapter 10,  article 7.
F. The attorney general may enter into agreements with state,  federal or foreign regulators in advancing the purpose of regulatory sandbox,  which may include allowing sandbox participants to operate in other jurisdictions and allowing entities authorized to operate in other jurisdictions to be recognized as sandbox participants in this state.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5705 - Lease-to-own amount; expiration

41-5705.
Lease-to-own amount;  expiration
A. In order to fulfill the requirements of section 41-5741,  the board may enter into lease-to-own transactions for up to a maximum of $200, 000, 000 in any fiscal year.
B. The board shall not enter into lease-to-own transactions,  including any refinancings or refundings,  pursuant to this section from and after May 15,  2006.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5751 - Authorization of state school facilities revenue bonds

41-5751.
Authorization of state school facilities revenue bonds
A. The board may issue negotiable revenue bonds pursuant to this article. If authorized by the legislature,  bonds may be issued under this article in a principal amount not exceeding $200, 000, 000 in a fiscal year to:
1. Provide monies to pay the cost of:
(a) Acquiring real property and constructing new school facilities as provided by section 41-5741.
(b) Bond related expenses including any expenses incurred by the board 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,  bond insurance or other credit enhancements or liquidity facilities,  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 board in order to market and administer the bonds.
2. Fully or partially fund any reserves or sinking accounts established by the bond resolution.
B. The board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The fixed or variable rate or rates of interest,  the date or dates on which interest is payable and the denominations of the bonds.
2. The date or dates of the bonds and maturity,  within ten years after the date of issuance.
3. The form of the bonds.
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.
C. The bonds issued pursuant to this article shall be known as state school facilities revenue bonds.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5752 - Issuance and sale of revenue bonds

41-5752.
Issuance and sale of revenue bonds
A. The board shall issue the bonds in the number and amount provided in the resolution.
B. The bonds shall be sold at public or private sale at the price and on the terms prescribed in the resolution at,  above or below par.
C. The net proceeds of the sale of the bonds shall be deposited in the revenue bond proceeds fund established pursuant to section 41-5753.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5753 - School facilities revenue bond proceeds fund; use for new school facilities

41-5753.
School facilities revenue bond proceeds fund;  use for new school facilities
A. If the board issues revenue bonds under this article,  the board shall establish a school facilities revenue bond proceeds fund consisting of the net proceeds received from the sale of the bonds.
B. The board may use monies in the school facilities revenue bond proceeds fund only for the purposes provided in section 41-5751,  subsection A. Monies in the revenue bond proceeds fund are exempt from lapsing under section 35-190.
C. The state treasurer or bond trustee shall administer and account for the school facilities revenue bond proceeds fund.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5754 - School facilities revenue bond debt service fund

41-5754.
School facilities revenue bond debt service fund
A. The board shall establish a school facilities revenue bond debt service fund consisting of monies transferred to the fund pursuant to sections 37-521 and 42-5030.01.
B. Monies in the school facilities revenue bond debt service fund may be used only for the purposes authorized by this article.
C. The state treasurer or bond trustee shall administer and account for the school facilities revenue bond debt service fund.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5755 - Securing principal and interest

41-5755.
Securing principal and interest
A. In connection with issuing bonds authorized by this article and to secure the principal and interest on the bonds,  the board by resolution may:
1. Segregate the school facilities revenue bond debt service fund into one or more accounts and subaccounts and provide that bonds issued under this article may be secured by a lien on all or part of the monies paid into the school facilities revenue bond debt service fund or into any account or subaccount in the fund.
2. Provide that the bonds issued under this article are secured by a first lien on the monies paid into the school facilities revenue bond debt service fund as provided by section 37-521,  subsection B,  paragraph 1 and section 42-5030.01,  and pledge and assign to or in trust for the benefit of the holder or holders of the bonds all or part of the monies in the school facilities revenue bond debt service fund,  any account or subaccount in the fund or in the school facilities revenue bond proceeds fund as is necessary to secure and pay the principal,  the interest and any premium on the bonds as they come due.
3. Establish priorities among bondholders based on criteria adopted by the board.
4. Set aside,  regulate and dispose of reserves and sinking accounts.
5. Prescribe the procedure,  if any,  by which the terms of any contract with bondholders may be amended or abrogated,  the amount of bonds the holders of which must consent to and the manner in which the consent may be given.
6. Provide for payment of bond related expenses from the proceeds of the sale of the bonds or other revenues authorized by this article and available to the board.
7. Provide for the services of trustees,  cotrustees,  agents and consultants and other specialized services with respect to the bonds.
8. Take any other action that in any way may affect the security and protection of the bonds or interest on the bonds.
9. Refund any bonds issued by the board,  if these bonds are secured from the same source of revenues as the bonds authorized by this article,  by issuing new bonds.
10. Issue bonds partly to refund outstanding bonds and partly for any other purpose consistent with this article.
B. Bonds issued to refund any bonds issued by the board as provided by subsection A,  paragraphs 9 and 10 of this section are not subject to legislative authorization or the $200, 000, 000 limit prescribed by section 41-5751,  subsection A.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5756 - Lien of pledge

41-5756.
Lien of pledge
A. Any pledge made under this article is valid and binding from the time when the pledge is made.
B. The monies so pledged and received by the board to be placed in the school facilities revenue bond debt service fund are immediately subject to the lien of the pledge without any future physical delivery or further act. Any lien of any pledge is valid and binding against all parties that have claims of any kind against the board,  regardless of whether the parties have notice of the lien. The official resolution or trust indenture or any instrument by which this pledge is created,  when adopted by the board,  is notice to all concerned of the creation of the pledge,  and those instruments need not be recorded in any other place to perfect the pledge.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5757 - Bond purchase; cancellation

41-5757.
Bond purchase;  cancellation
The board may purchase bonds for cancellation out of any monies available for the purchase,  at a price of not more than either of the following:
1. If the bonds are redeemable at the time of the purchase,  the applicable redemption price plus accrued interest to the next interest payment date on the bonds.
2. If the bonds are not redeemable at the time of the purchase,  the applicable redemption price on the first date after the purchase on which the bonds become subject to redemption plus accrued interest to that date.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5758 - Payment of revenue bonds

41-5758.
Payment of revenue bonds
A. The revenue bonds shall be paid solely from monies from the school facilities revenue bond debt service fund established by section 41-5754 and other monies that are credited to the school facilities revenue bond debt service fund.
B. The state treasurer or the paying agent for the revenue bonds shall cancel all revenue bonds when paid.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5759 - Investment of monies in school facilities revenue bond proceeds fund

41-5759.
Investment of monies in school facilities revenue bond proceeds fund
A. As provided by section 41-5761,  the board may authorize the state treasurer or bond trustee to invest monies in the school facilities revenue bond proceeds fund established by section 41-5753.
B. The order directing an investment shall state a specified time when the proceeds from the sale of the bonds will be used. The state treasurer or bond trustee shall make the investment in such a way as to mature at the specified date.
C. All monies earned as interest or otherwise derived from the investment of the monies in the school facilities revenue bond proceeds fund shall be credited to the school facilities revenue bond debt service fund established by section 41-5754.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5760 - Investment of monies in school facilities revenue bond debt service fund

41-5760.
Investment of monies in school facilities revenue bond debt service fund
A. The board may authorize the state treasurer or bond trustee to invest and reinvest any monies in the school facilities revenue bond debt service fund as provided by section 41-5761.
B. All monies earned as interest or otherwise derived from the investment of the monies in the school facilities revenue bond debt service fund shall be credited to that fund.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5761 - Authorized investments of fund monies

41-5761.
Authorized investments of fund monies
A. On notice from the board,  the state treasurer or bond trustee shall invest and divest monies in either the school facilities revenue bond proceeds fund or the school facilities revenue debt service fund in any of the following:
1. Obligations issued or guaranteed by the United States or any of the senior debt of its agencies,  sponsored agencies,  corporations,  sponsored corporations or instrumentalities.
2. State,  county or municipal bonds issued in this state on which the payments of interest have not been deferred.
3. Investment agreements and repurchase agreements collateralized by investments described in paragraph 1 of this subsection.
B. The purchase of the securities shall be made by the state treasurer or bond trustee on authority of a resolution of the board. The treasurer or bond trustee shall act as custodian of all securities purchased. The securities may be sold on an order of the board.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5762 - Characteristics of bonds; negotiable; exemption from taxation; obligation; legal investments

41-5762.
Characteristics of bonds;  negotiable;  exemption from taxation;  obligation;  legal investments
A. Bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code,  subject only to any provisions for registration,  regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial code.
B. The bonds,  their transfer and the income from the bonds are at all times free from taxation in this state.
C. Bonds issued under this article:
1. Are obligations of the board. The members of the board and persons executing the bonds are not personally liable for payment of the bonds.
2. Are payable only according to their terms.
3. Are not general,  special or other obligations of this state.
4. Do not constitute a debt of this state.
5. Are not enforceable against this state nor is payment of the bonds enforceable out of any monies other than the revenue pledged and assigned to,  or in trust for the benefit of,  the holder or holders of the bonds.
6. Are securities in which public officers and bodies of this state and of municipalities and political subdivisions of this state,  all companies,  associations and other persons carrying on an insurance business,  all financial institutions,  investment companies and other persons carrying on a banking business,  all fiduciaries and all other persons who are authorized to invest in government obligations may properly and legally invest.
7. Are securities that may be deposited with public officers or bodies of this state and municipalities and political subdivisions of this state for purposes that require the deposit of government bonds or obligations.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5763 - Effect of changing circumstances on bonds; agreement of state

41-5763.
Effect of changing circumstances on bonds;  agreement of state
A. Bonds issued under this article remain valid and binding obligations of the board notwithstanding that,  before the delivery of the bonds,  any of the persons whose signatures appear on the bonds cease to be members of the board.
B. An amendment of any provision of this article does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.
C. This state pledges to and agrees with the holders of the bonds authorized by this article that this state will not limit,  alter or impair the rights and remedies of the bondholders,  until all bonds issued under this article,  together with interest on the bonds,  interest on any unpaid installments of principal or 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 board,  as agent for this state,  may include this pledge and undertaking in its resolutions and indentures authorizing and securing the bonds.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5764 - Validity of bonds; certification by attorney general

41-5764.
Validity of bonds;  certification by attorney general
A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may be construed to apply to any proceedings taken or acts done pursuant to this article.
B. The validity of bonds issued under this article does not depend on and is not affected by the legality of any proceeding relating to any action by the board in granting or lending monies or the acquisition,  construction or improvement of any facility paid with monies provided by the board.
C. The board may submit to the attorney general revenue bonds to be issued under this article after all proceedings for authorizing the bonds have been completed. Within fifteen days after submission,  the attorney general shall examine the bonds and pass on the validity of the bonds and the regularity of the proceedings. If the bonds and proceedings comply with the Constitution of Arizona and this article,  and if the bonds when delivered and paid for will constitute binding and legal obligations of the board,  the attorney general shall certify in substance that the bonds are issued according to the constitution and laws of this state. The certificate shall also state that the bonds are also validly secured by the obligation to transfer monies from designated sources of revenue,  including income on the permanent state school fund established by section 37-521,  to cover any insufficiencies.
D. The bonds shall recite that they are regularly issued pursuant to this article. That recital,  together with the certification by the attorney general under subsection C of this section,  constitutes prima facie evidence of the legality and validity of the bonds. From and after the sale and delivery of the bonds,  they are incontestable by the board or this state.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5781 - Authorization of state school improvement revenue bonds; expiration

41-5781.
Authorization of state school improvement revenue bonds;  expiration
A. The board may issue revenue bonds in a principal amount not to exceed $800, 000, 000 pursuant to this article. The board may also issue qualified zone academy bonds within the meaning of section 1397e of the United States internal revenue code of 1986 or successor provisions pursuant to this article in a principal amount not to exceed $20, 000, 000. The qualified zone academy bonds shall be separately accounted for within the school improvement revenue bond proceeds fund established by section 41-5783. All bonds authorized by this section may be issued for the following purposes:
1. To provide monies to pay the cost of bond-related expenses,  including any expenses incurred by the board 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,  bond insurance or other credit enhancements or liquidity facilities,  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 board in order to market and administer the bonds.
2. To fully or partially fund any reserves or sinking accounts established by the bond resolution.
B. The board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The fixed or variable rate or rates of interest,  the date or dates on which interest is payable and the denominations of the bonds.
2. The date or dates of the bonds and maturity,  within twenty years after the date of issuance.
3. The form of the bonds.
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.
C. The bonds issued pursuant to this article shall be known as state school improvement revenue bonds.
D. The authority of the board to issue school improvement revenue bonds pursuant to this article expires from and after June 30,  2003,  except for bonds issued to refund any bonds issued by the board.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5782 - Issuance and sale of school improvement revenue bonds

41-5782.
Issuance and sale of school improvement revenue bonds
A. The board shall issue the school improvement revenue bonds in the number and amount provided in the resolution.
B. The bonds shall be sold at public or private sale at the price and on the terms prescribed in the resolution at,  above or below par.
C. The net proceeds of the sale of the bonds shall be deposited in the school improvement revenue bond proceeds fund established pursuant to section 41-5783.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5783 - School improvement revenue bond proceeds fund; use for school improvements

41-5783.
School improvement revenue bond proceeds fund;  use for school improvements
A. If the board issues revenue bonds under this article,  the board shall establish a school improvement revenue bond proceeds fund consisting of the net proceeds received from the sale of the bonds.
B. The board may use monies in the school improvement revenue bond proceeds fund only for the purposes provided in section 41-5781,  subsection A. Monies in the school improvement revenue bond proceeds fund are exempt from lapsing under section 35-190.
C. The state treasurer or bond trustee shall administer and account for the school improvement revenue bond proceeds fund.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5784 - School improvement revenue bond debt service fund

41-5784.
School improvement revenue bond debt service fund
A. The board shall establish a school improvement revenue bond debt service fund consisting of monies received by the board pursuant to section 42-5029,  subsection E and section 37-521,  subsection B,  paragraph 1. All monies received pursuant to section 42-5029,  subsection E shall be accounted for separately and shall be used only for debt service of school improvement revenue bonds. All monies received pursuant to section 37-521,  subsection B,  paragraph 1 shall be accounted for separately and shall be used only for debt service of qualified zone academy bonds.
B. Monies in the school improvement revenue bond debt service fund may be used only for the purposes authorized by this article.
C. The state treasurer or bond trustee shall administer and account for the school improvement revenue bond debt service fund.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5785 - Securing principal and interest

41-5785.
Securing principal and interest
A. In connection with issuing bonds authorized by this article and to secure the principal and interest on the bonds,  the board by resolution may:
1. Segregate the school improvement revenue bond debt service fund into one or more accounts and subaccounts and provide that bonds issued under this article may be secured by a lien on all or part of the monies paid into the revenue bond debt service fund or into any account or subaccount in the fund.
2. Provide that the bonds issued under this article be secured by a first lien on the monies paid into the school improvement revenue bond debt service fund as provided by section 42-5029,  subsection E,  paragraph 1 and pledge and assign to or in trust for the benefit of the holder or holders of the bonds all or part of the monies in the school improvement revenue bond debt service fund,  in any account or subaccount in the fund or in the school improvement revenue bond proceeds fund as is necessary to secure and pay the principal,  the interest and any premium on the bonds as they come due.
3. Establish priorities among bondholders based on criteria adopted by the board.
4. Set aside,  regulate and dispose of reserves and sinking accounts.
5. Prescribe the procedure,  if any,  by which the terms of any contract with bondholders may be amended or abrogated,  the amount of bonds the holders of which must consent to and the manner in which the consent may be given.
6. Provide for paying bond-related expenses from the proceeds of the sale of the bonds or other revenues authorized by this article and available to the board.
7. Provide for the services of trustees,  cotrustees,  agents and consultants and other specialized services with respect to the bonds.
8. Take any other action that in any way may affect the security and protection of the bonds or interest on the bonds.
9. Refund any bonds issued by the board,  if these bonds are secured from the same source of revenues as the bonds authorized by this article,  by issuing new bonds,  whether at or before maturity of the bonds being refunded.
10. Issue bonds partly to refund outstanding bonds and partly for any other purpose consistent with this article.
B. Bonds that are issued to refund any bonds that are issued by the board as provided by subsection A,  paragraphs 9 and 10 of this section are not subject to legislative authorization or subject to the $800, 000, 000 limit prescribed by section 41-5781,  subsection A.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5786 - Lien of pledge

41-5786.
Lien of pledge
A. Any pledge made under this article is valid and binding from the time when the pledge is made.
B. The monies so pledged and received by the board to be placed in the school improvement revenue bond debt service fund are immediately subject to the lien of the pledge without any future physical delivery or further act. Any lien of any pledge is valid and binding against all parties that have claims of any kind against the board,  regardless of whether the parties have notice of the lien. The official resolution or trust indenture or any instrument by which this pledge is created,  when adopted by the board,  is notice to all concerned of the creation of the pledge,  and those instruments need not be recorded in any other place to perfect the pledge.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5787 - Bond purchase; cancellation

41-5787.
Bond purchase;  cancellation
The board may purchase bonds for cancellation out of any monies available for the purchase at a price of not more than either of the following:
1. If the bonds are redeemable at the time of the purchase,  the applicable redemption price plus accrued interest to the next interest payment date on the bonds.
2. If the bonds are not redeemable at the time of the purchase,  the applicable redemption price on the first date after the purchase on which the bonds become subject to redemption plus accrued interest to that date.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5788 - Payment of revenue bonds

41-5788.
Payment of revenue bonds
A. The revenue bonds shall be paid solely from monies from the school improvement revenue bond debt service fund established pursuant to section 41-5784 and other monies that are credited to the school improvement revenue bond debt service fund.
B. The state treasurer or the paying agent for the revenue bonds shall cancel all revenue bonds when paid.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5789 - Investment of monies in school improvement revenue bond proceeds fund

41-5789.
Investment of monies in school improvement revenue bond proceeds fund
A. As provided by section 41-5791,  the board may authorize the state treasurer or bond trustee to invest monies in the school improvement revenue bond proceeds fund established pursuant to section 41-5783.
B. The order directing an investment shall state a specified time when the proceeds from the sale of the bonds will be used. The state treasurer or bond trustee shall make the investment in such a way as to mature at the specified date.
C. All monies earned as interest or otherwise derived from the investment of the monies in the school improvement revenue bond proceeds fund shall be credited to the school improvement revenue bond debt service fund established by section 41-5784.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5790 - Investment of monies in school improvement revenue bond debt service fund

41-5790.
Investment of monies in school improvement revenue bond debt service fund
A. The board may authorize the state treasurer or bond trustee to invest and reinvest any monies in the school improvement revenue bond debt service fund as provided by section 41-5791.
B. All monies earned as interest or otherwise derived from the investment of the monies in the school improvement revenue bond debt service fund shall be credited to that fund.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5791 - Authorized investments of fund monies

41-5791.
Authorized investments of fund monies
A. On notice from the board,  the state treasurer or bond trustee shall invest and divest monies in either the school improvement revenue bond proceeds fund or the school improvement revenue bond debt service fund in any of the following:
1. Obligations issued or guaranteed by the United States or any of the senior debt of its agencies,  sponsored agencies,  corporations,  sponsored corporations or instrumentalities.
2. State,  county or municipal bonds that are issued in this state and on which the payments of interest have not been deferred.
3. Investment agreements and repurchase agreements collateralized by investments described in paragraph 1 of this subsection.
B. The purchase of the securities shall be made by the state treasurer or bond trustee on authority of a resolution of the board. The treasurer or bond trustee shall act as custodian of all securities purchased. The securities may be sold on an order of the board.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5792 - Characteristics of bonds; negotiable; exemption from taxation; obligation; legal investments

41-5792.
Characteristics of bonds;  negotiable;  exemption from taxation;  obligation;  legal investments
A. Bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code,  subject only to any provisions for registration,  regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial code.
B. The bonds,  their transfer and the income from the bonds are at all times free from taxation in this state.
C. Bonds issued under this article:
1. Are obligations of the board. The members of the board and persons executing the bonds are not personally liable for payment of the bonds.
2. Are payable only according to their terms.
3. Do not constitute a debt of this state.
4. Are not enforceable against this state nor is payment of the bonds enforceable out of any monies other than the revenue pledged and assigned to,  or in trust for the benefit of,  the holder or holders of the bonds.
5. Are securities in which public officers and bodies of this state and of municipalities and political subdivisions of this state,  all companies,  associations and other persons carrying on an insurance business,  all financial institutions,  investment companies and other persons carrying on a banking business,  all fiduciaries and all other persons who are authorized to invest in government obligations may properly and legally invest.
6. Are securities that may be deposited with public officers or bodies of this state and municipalities and political subdivisions of this state for purposes that require the deposit of government bonds or obligations.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5793 - Effect of changing circumstances on bonds; agreement of state

41-5793.
Effect of changing circumstances on bonds;  agreement of state
A. Bonds issued under this article remain valid and binding obligations of the board notwithstanding that before the delivery of the bonds any of the persons whose signatures appear on the bonds cease to be members of the board.
B. An amendment of any provision of this article does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.
C. This state pledges to and agrees with the holders of the bonds authorized by this article that this state will not limit,  alter or impair the rights and remedies of the bondholders until all bonds issued under this article,  together with interest on the bonds,  interest on any unpaid installments of principal or 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 board,  as agent for this state,  may include this pledge and undertaking in its resolutions and indentures authorizing and securing the bonds.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5794 - Validity of bonds; certification by attorney general

41-5794.
Validity of bonds;  certification by attorney general
A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may be construed to apply to any proceedings taken or acts done pursuant to this article.
B. The validity of bonds issued under this article does not depend on and is not affected by the legality of any proceeding relating to any action by the board in granting or lending monies or the acquisition,  construction or improvement of any facility paid with monies provided by the board.
C. The board may submit to the attorney general revenue bonds to be issued under this article after all proceedings for authorizing the bonds have been completed. Within fifteen days after submission,  the attorney general shall examine the bonds and pass on the validity of the bonds and the regularity of the proceedings. If the bonds and proceedings comply with the Constitution of Arizona and this article,  and if the bonds when delivered and paid for will constitute binding and legal obligations of the board,  the attorney general shall certify in substance that the bonds are issued according to the constitution and laws of this state.
D. The bonds shall recite that they are regularly issued pursuant to this article. That recital,  together with the certification by the attorney general under subsection C of this section,  constitutes prima facie evidence of the legality and validity of the bonds. From and after the sale and delivery of the bonds,  they are incontestable by the board or this state.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5802 - Authorization of school district impact aid revenue bonds

41-5802.
Authorization of school district impact aid revenue bonds
A. On voter approval pursuant to section 15-491,  a school district governing board may issue negotiable impact aid revenue bonds pursuant to this article. Bonds may be issued under this article in a total aggregate amount not to exceed three times the average of the school district s annual impact aid revenues for the five years immediately preceding the issuance of the bonds. The bond proceeds may be used to:
1. Provide monies to pay the cost of:
(a) Capital projects authorized under chapter 4,  article 5 of this title.
(b) Bond related expenses including any expenses incurred by the school 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,  bond insurance or other credit enhancements or liquidity facilities,  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 governing board in order to market and administer the bonds.
2. Fully or partially fund any reserves or sinking accounts established by the bond resolution.
B. The governing board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The fixed or variable rate or rates of interest,  payable semiannually,  and the denominations of the bonds.
2. The date or dates of the bonds and maturity,  within twenty years after the date of issuance.
3. The form of the bonds.
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.
C. The bonds issued pursuant to this article shall be known as impact aid revenue bonds.
D. An accommodation school may issue impact aid revenue bonds only if the accommodation school is located on a military base.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5803 - Issuance and sale of impact aid revenue bonds

41-5803.
Issuance and sale of impact aid revenue bonds
A. The governing board shall issue the bonds in the number and amount provided in the resolution.
B. The bonds shall be sold at public or private sale at the price and on the terms prescribed in the resolution for at,  above or below par.
C. The proceeds of the sale of the bonds shall be deposited in the county treasury to the credit of the school district' s impact aid revenue bond building fund. These deposits may be drawn out for the purposes authorized by this article as other school monies are drawn.
D. Revenue bond proceeds shall not be expended for items whose useful life is less than the average life of the bonds issued,  except that bond proceeds shall not be expended for items whose useful life is less than five years.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5804 - Impact aid revenue bond building and debt service funds

41-5804.
Impact aid revenue bond building and debt service funds
A. If a school district issues impact aid revenue bonds under this article,  the governing board shall establish:
1. An impact aid revenue bond building fund consisting of the net proceeds received from the sale of the bonds. The fund shall be a continuing fund that is not subject to reversion.
2. An impact aid revenue bond debt service fund consisting of monies received by the school district from impact aid revenues.
B. Monies in the impact aid revenue bond building fund and the impact aid revenue bond debt service fund may be used only for the purposes authorized by this article.
C. The school district shall provide the county treasurer with an impact aid revenue bond debt service schedule. The county treasurer shall keep an account of all school district debt service funds that shows the school district to which each fund belongs. The county treasurer shall credit to the impact aid revenue bond debt service fund an amount from impact aid revenues equal to the principal and interest that will become due on the impact aid revenue bonds during the current year. The treasurer shall receive and credit any interest or income earned by the debt service fund.
D. Notwithstanding any other provision in this article,  the annual payment of principal and interest on impact aid revenue bonds each year shall not exceed seventy-five per cent of the net impact aid revenues of the school district for the current year. For the purposes of this subsection,  " net impact aid revenues"  mean impact aid revenues for the year after deducting the sum of the following amounts:
1. The amount of any increase in the school district's general budget limit pursuant to section 15-905,  subsections K,  O and P.
2. The amount necessary to fund any budget override adopted pursuant to section 15-481,  subsection F,  J or M.
3. The amount that would be produced by levying the applicable qualifying tax rate as provided in section 15-971,  subsection B,  minus the amount levied for primary school district taxes for the year pursuant to section 15-992,  except that if the result is a negative number,  use zero.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5805 - Securing principal and interest

41-5805.
Securing principal and interest
To secure the principal and interest on the impact aid revenue bonds,  the school district governing board by resolution may:
1. Segregate the impact aid revenue bond debt service fund into one or more accounts and subaccounts and provide that bonds issued under this article may be secured by a lien on all or part of the monies paid into the impact aid revenue bond debt service fund or into any account or subaccount in the fund.
2. Provide that the bonds issued under this article be secured by a first lien on the monies paid in the impact aid revenue bond debt service fund as provided by section 41-5804 and pledge and assign to or in trust for the benefit of the holder or holders of the bonds all or part of the monies in the impact aid revenue bond debt service fund or an account or subaccount as is necessary to secure and pay the principal,  the interest and any premium on the bonds as they come due.
3. Establish priorities among bondholders based on criteria adopted by the governing board.
4. Set aside,  regulate and dispose of reserves and sinking accounts.
5. Prescribe the procedure,  if any,  by which the terms of any contract with bondholders may be amended or abrogated,  the amount of bonds the holders of which must consent to and the manner in which the consent may be given.
6. Provide for payment of bond related expenses from the proceeds of the sale of the bonds or other revenues authorized by this article available to the school district.
7. Provide for the services of trustees,  cotrustees,  agents and consultants and other specialized services with respect to the bonds.
8. Take any other action that in any way may affect the security and protection of the bonds or interest on the bonds.
9. Refund any bonds issued by the school district,  if these bonds are secured from the same source of revenues as the bonds authorized by this article,  by issuing new bonds.
10. Issue bonds partly to refund outstanding bonds and partly for any other purpose consistent with this article.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5806 - Cancellation of unsold impact aid revenue bonds

41-5806.
Cancellation of unsold impact aid revenue bonds
A. If an impact aid revenue bond issue remains unsold for six months after being offered for sale,  the governing board of the school district or any school district comprised wholly or partly of territory that was part of the school district at the time of issuing the bonds may cancel the unsold bonds.
B. The governing board shall fix a time for a hearing on the proposed cancellation of the unsold bonds. The governing board shall give notice of the time,  place and subject of the hearing. The notice shall be published for ten days before the hearing in a newspaper of general circulation in the district.
C. At the time and place designated in the notice,  the governing board shall hear reasons for or against the proposed cancellation of the unsold bonds,  and if the board considers it to be in the school district's best interests,  it shall order the unsold bonds to be cancelled and the bonds and the vote by which they were authorized to be issued are void.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5807 - Payment of impact aid revenue bonds; use of surplus monies

41-5807.
Payment of impact aid revenue bonds;  use of surplus monies
A. The impact aid revenue bonds shall be paid solely from monies distributed to the school district from impact aid revenues and other monies that are authorized by this article and that are credited to the school district' s impact aid revenue bond debt service fund.
B. The county treasurer or the paying agent for the impact aid revenue bonds shall cancel all impact aid revenue bonds when paid. Any surplus monies remaining in the impact aid revenue bond debt service fund shall be transferred back to the school district's capital outlay fund.
C. If a balance remains in the school district's impact aid revenue bond building fund after the acquisition or construction of facilities for which the bonds were issued is completed and the payment of other related costs,  the balance remaining in the impact aid revenue bond building fund shall be transferred to the school district's capital outlay fund.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5808 - Investment of monies in impact aid revenue bond building fund

41-5808.
Investment of monies in impact aid revenue bond building fund
A. If monies in the impact aid revenue bond building fund are not required to be used for a period of ten days or more,  the governing board may authorize their investment.
B. The order directing an investment shall state a specified time when the proceeds from the sale of the bonds will be used. The governing board shall make the investment in such a way as to mature at the specified date.
C. All monies earned as interest or otherwise derived from the investment of the monies in the impact aid revenue bond building fund shall be credited to the impact aid revenue bond debt service fund.
2023 Arizona Revised Statutes › Title 41 - State Government › § 41-5809 - Investment of monies in impact aid revenue bond debt service fund

41-5809.
Investment of monies in impact aid revenue bond debt service fund
A. The governing board may authorize the investment and reinvestment of any monies in the school district's impact aid revenue bond debt service fund.
B. All monies earned as interest or otherwise derived from the investment of the monies in the impact aid revenue bond debt service fund shall be credited to that fund.
C. The impact aid revenue bond debt service fund is a continuing fund and is not subject to reversion.