reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-466.02 - Form of notes

35-466.02.
Form of notes
The notes may be issued in one or more series,  bear such dates,  be in such denomination or denominations,  mature on any date or dates not later than thirty days after the last date the grant revenues are to be received under the terms of the grant agreement or agreements,  or within the period the governing body of the issuer expects to receive the grant revenues if no date for final receipt is set forth in the grant agreement,  mature in such amount or amounts,  bear interest at such rate or rates not exceeding twelve per cent per annum,  be in such form and be executed in such medium of payment,  be payable at such place or places and be subject to such terms of redemption with or without premium as the resolution of the governing body of the issuer authorizing the issuance of the notes may provide. The notes may be sold at not less than par at either public or private sale. The term " public sale"  includes sale by either auction or sealed bid upon such terms,  conditions and notice as the governing body of the issuer may prescribe. The notes shall be fully negotiable for all purposes as set forth in title 47,  chapter 3.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-466.04 - Application of grant revenues; principal and interest redemption fund; payment of notes

35-466.04.
Application of grant revenues;  principal and interest redemption fund;  payment of notes
Upon the issuance of any grant anticipation notes,  all grant revenues received by the issuer pursuant to the applicable grant agreement shall be collected and paid into a special fund to be known as the grant anticipation note principal and interest redemption fund until such time as monies in the fund are sufficient to pay all principal and interest on the notes when due,  or redeemed prior to maturity. All monies in the special fund shall be used to pay principal and interest on the grant anticipation notes and shall be used for no other purpose so long as the notes are outstanding. Any law to the contrary notwithstanding,  this article shall be full authority for the payment when due,  or for redemption in advance of maturity,  if the notes so provide,  of all principal and interest and redemption premiums on the notes from the monies in the special fund.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-466.05 - Investment of note proceeds; period of investment covenants

35-466.05.
Investment of note proceeds;  period of investment covenants
A. Note proceeds may be invested in any of the following securities:
1. Bonds or other evidences of indebtedness of the United States of America or any of its agencies or instrumentalities when such obligations are guaranteed as to principal and interest by the United States of America or by any agency or instrumentality of the United States.
2. Bonds or other evidences of indebtedness of this state or any of the counties,  incorporated cities or towns or duly organized school districts of this state.
3. Interest-bearing savings accounts or certificates of deposit of banks or savings and loan associations doing business in this state if such banks or savings and loan associations are insured by the federal deposit insurance corporation or the federal savings and loan insurance corporation. Amounts in excess of that covered by federal insurance shall be secured by the depository to the same extent and in the same manner as required by the general depository law of this state.
4. Deposits placed in accordance with the procedures prescribed in section 35-323.01.
B. A resolution pertaining to the issuance of notes may contain covenants prescribing the period that proceeds may be invested and the maximum yield on such investments during any period mentioned in the covenant and any other covenants deemed necessary or desirable by the governing body.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-466.06 - Use of proceeds

35-466.06.
Use of proceeds
The proceeds from the sale of the notes shall be paid into the treasury of the issuer and used by the issuer to defray the costs and expenses of the construction or acquisition of the project for which the grant or grants are being made,  the legal and financial costs and expenses of issuing and administering the notes and,  if desired by the governing body of the issuer,  interest to accrue on the notes during their life.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-466.07 - Rights of holders

35-466.07.
Rights of holders
The holder of any grant anticipation note may,  in the holder's own name and on the holder's own behalf,  or on behalf of all of the holders of the notes,  take whatever action may be necessary to compel the performance of any duty required by any section of this article.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-466.08 - Prohibition against obligating state or political subdivisions; payment from grant revenues

35-466.08.
Prohibition against obligating state or political subdivisions;  payment from grant revenues
The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any grant anticipation notes. Grant anticipation notes shall not be obligations of the state or any political subdivision and shall not constitute a debt,  legal or moral,  of the state or any political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any funds of the state or a political subdivision other than grant revenues which have been paid into a grant anticipation note principal and interest redemption fund established pursuant to section 35-466.04. A holder of a grant anticipation note may not compel the payment of grant revenues to an issuer.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-467 - Definitions

35-467.
Definitions
In this article,  unless the context otherwise requires:
1. " City"  means a city or town incorporated under the laws of this state.
2. " Fiscal year"  means the period commencing on July 1 of any year and terminating on June 30 of the next succeeding year.
3. " Governing body"  means the body constituted by law to be the legislative department of the taxing district.
4. " Municipal corporation"  means a sanitary district,  electrical district,  irrigation district or hospital district or any other similar municipal corporation which is required by law to adopt a budget.
5. " Revenue"  means any monies derived other than from grants,  ad valorem taxes,  sales taxes or transaction privilege taxes or from this state. Revenue does not include monies received by a municipal corporation which are restricted in their use or application by law.
6. " Taxing district"  means a city,  county,  school district or municipal corporation having the power to levy ad valorem taxes.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-467.01 - Revenue anticipation notes

35-467.01.
Revenue anticipation notes
After a taxing district has adopted a budget for the fiscal year as provided by law and the governing body determines that the revenues to be received by the district will not be received in time to pay the district's projected expenses as set forth in the budget,  the governing body may issue and sell revenue anticipation notes. The principal and interest on the revenue anticipation notes shall be paid solely from the revenues estimated by the taxing district to be received within that fiscal year.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-467.02 - Form of notes; definition

35-467.02.
Form of notes;  definition
Revenue anticipation notes may be issued in one or more series,  bear such dates,  be in such denomination or denominations,  mature on any date or dates occurring on or before the last day of the fiscal year,  mature in such amount or amounts,  bear interest at such rate or rates,  be in such form and be executed in such medium of payment,  be payable at such place or places and be subject to such terms of redemption with or without premium as the resolution of the governing body authorizing the issuance of the notes provides. The notes may be sold at not less than par at either public or private sale. " Public sale"  means sale by either auction or sealed bid on such terms,  conditions and notice as the governing body prescribes. The notes shall be fully negotiable for all purposes in accordance with the provisions of title 47,  chapter 3.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-467.03 - Limitations on issuance of notes

35-467.03.
Limitations on issuance of notes
The amount of revenue anticipation notes issued by a taxing district in any fiscal year shall not exceed fifty per cent of the aggregate of all uncollected revenues estimated to be received by the district in the fiscal year as shown by the budget. Such revenues shall be limited to assessments,  charges,  fees or other revenues derived from or associated with facilities existing and operating at the time the revenue anticipation notes are sold.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-467.04 - Application of revenues, principal and interest redemption fund; payment of notes

35-467.04.
Application of revenues,  principal and interest redemption fund;  payment of notes
After the issuance of any revenue anticipation notes all revenues received by the taxing district shall be collected and paid into a special fund to be known as the revenue anticipation note principal and interest redemption fund until such time as monies in the fund are sufficient to pay when due all principal and interest on the notes. All monies in the special fund shall be used to pay principal and interest on the revenue anticipation notes and shall be used for no other purpose. Notwithstanding any other provision of law,  this article is the only authority for the payment when due,  or for redemption in advance of maturity,  of all principal and interest and redemption premiums on the notes from monies in the special fund.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-467.05 - Investment of note proceeds; period of investment covenants

35-467.05.
Investment of note proceeds;  period of investment covenants
A. Note proceeds may be invested in any of the following:
1. Bonds or other evidences of indebtedness of the United States or any of its agencies or instrumentalities if such obligations are guaranteed as to principal and interest by the United States or by the agency or instrumentality.
2. Bonds or other evidences of indebtedness of this state,  counties,  cities,  towns or school districts.
3. Interest-bearing savings accounts or certificates of deposit of banks or savings and loan associations doing business in this state if such banks or savings and loan associations are insured by the federal deposit insurance corporation or the federal savings and loan insurance corporation. Amounts in excess of those covered by federal insurance must be secured by the depository to the same extent and in the same manner as required by the general depository law of this state.
4. The local government pooled investment fund established pursuant to section 35-326.
5. Deposits placed in accordance with the procedures prescribed in section 35-323.01.
B. A resolution pertaining to the issuance of notes may contain covenants prescribing the period that proceeds may be invested and the maximum yield on such investments during any period mentioned in the covenant.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-467.08 - Prohibition against obligating state or political subdivisions; payment from revenues

35-467.08.
Prohibition against obligating state or political subdivisions;  payment from revenues
This state or a political subdivision is not liable for the payment of the principal or interest on any revenue anticipation notes. Revenue anticipation notes are not obligations of this state or a political subdivision and do not constitute a debt,  legal or moral,  of this state or a political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any monies of this state or a political subdivision other than revenues which have been paid into a revenue anticipation note principal and interest redemption fund established pursuant to section 35-467.04. A holder of a revenue anticipation note shall not compel the payment of grant revenues to an issuer.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-468 - Definitions

35-468.
Definitions
In this article,  unless the context otherwise requires:
1. " Bond"  means a bond authorized and issued under this article.
2. " Political subdivision"  means any county,  school district,  community college district or special taxing district organized under title 48 in which remote municipal property,  as defined in section 42-15251,  is located.
3. " Water transportation revenues"  means monies received by a political subdivision pursuant to section 9-433.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-468.01 - Bonds secured by water transportation revenues

35-468.01.
Bonds secured by water transportation revenues
A. If a majority of the electors of a political subdivision voting at an election held pursuant to either article 3 of this chapter or title 15,  chapter 4,  article 5 authorizes the issuance of bonds,  the political subdivision may issue the bonds so authorized either in the manner provided in this article or the manner prescribed by the article under which the election was authorized.
B. Bonds having an aggregate principal sum that exceeds the political subdivision's debt limit as set forth in article IX,  section 8,  Constitution of Arizona,  may nonetheless be issued pursuant to this section if an amount equal to all principal in excess of the debt limit and all interest on that portion of principal is payable solely from water transportation revenues pledged by the political subdivision to payment of principal and interest on the bonds.
C. On sale of the bonds,  a schedule shall be filed with the treasurer of the issuer showing the amounts of principal and interest to be paid at each principal and interest payment date. The schedule shall prorate each payment between the amounts to be paid from taxes and the amounts paid from water transportation revenues. The governing body may use any reasonable method of allocation as long as the total principal amount to be paid from ad valorem taxes computed as of the date of initial issuance of the bonds does not exceed the political subdivision's debt limit.
D. The political subdivision may pledge all or any part of the water transportation revenues it will thereafter receive to the payment of an amount of the debt service on the bonds equal to the principal and interest on the bonds that are not payable from taxes. This pledge constitutes an irrevocable assignment to the officer charged with paying the bonds that is binding on the political subdivision. No notice of the assignment need be filed or recorded and no public notice of any nature is required to make the pledge effective against any person claiming an interest in the water transportation revenues except a holder of the bonds. On receipt of any payment of water transportation revenues,  the officer shall cause a sufficient portion of the amount received to be deposited in the redemption fund and interest fund established under section 35-468.03 pertaining to the bonds.
E. No bondholder may claim a preference as to source of payment over any other bondholder of the same series.
F. Neither a bondholder nor a political subdivision has any right or claim to receive payment from a city or town that makes payments relating to remote municipal property under title 9,  chapter 4,  article 3.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-468.02 - Issuance of bonds

35-468.02.
Issuance of bonds
A. The governing body of the political subdivision shall authorize and issue the bonds,  except that the board of supervisors of the county where a school district is located,  or the larger portion of a school district,  if the district is located in more than one county,  shall act as the governing body of the school district solely for the purpose of selling,  authorizing and issuing bonds of the school district. The bonds are fully negotiable within the meaning and for all purposes provided by title 47.
B. The bonds may be issued in one or more series,  bear such dates,  be payable in such medium of payment and at such places,  bear such rates of interest,  including variable rates,  carry such registration privileges and prior redemption provisions,  be executed in such manner,  contain such other terms,  covenants and conditions and be in such form as the governing body of the political subdivision may prescribe. The bonds shall be sold at,  above or below par in such manner as the governing body may determine.
C. The portion of the principal of the bonds payable from water transportation revenues shall not be construed to be a debt of the political subdivision.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-468.03 - Supplemental tax levy; interest fund; redemption fund

35-468.03.
Supplemental tax levy;  interest fund;  redemption fund
A. After the bonds are issued,  the governing body or board issuing the bonds shall annually levy and cause to be collected a tax,  at the same time and in the same manner as other taxes are levied and collected on all taxable property in the political subdivision,  sufficient to pay the interest on the bonds when due and shall likewise annually levy a tax sufficient to pay the bonds at maturity,  in each instance net of amounts to be paid from water transportation revenues so that the levy does not exceed the amount required to pay debt service on the bonds to be paid from taxes pursuant to the schedule filed under section 35-468.01,  subsection C. Monies derived from the levy of the tax when collected shall be deposited in the interest fund and the redemption fund pertaining to the bonds.
B. The treasurer of the political subdivision issuing the bonds shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into such funds revenues received from taxes and water transportation revenues in amounts sufficient to pay the interest and principal of such bonds next maturing. The funds shall be used solely to pay principal and interest on the bonds.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-468.04 - Pledge of revenues to secure debt instruments

35-468.04.
Pledge of revenues to secure debt instruments
Notwithstanding any other provision of this article,  a political subdivision that receives water transportation revenues may pledge,  by separate covenant included in the resolution authorizing the issuance of any bonds under this article or obligations it may incur,  future receipts of such revenues to the payment of those bonds or obligations. The resolution authorizing those bonds or obligations may also provide for the assignment of such revenues to a trustee or paying agent for the purpose of securing the bonds. The pledge may be included in the resolution whether or not a reference to the pledge was included in the ballot submitted to the electorate of the political subdivision at the election authorizing the issuance of the bonds or obligations.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-468.05 - Agreement of state

35-468.05.
Agreement of state
This state pledges to and agrees with the holders of the bonds that this state will not limit,  alter or impair the rights vested in any political subdivision under this article to receive the monies,  including water transportation revenues or an equivalent source,  necessary to produce sufficient revenue to fulfill the terms of any agreements made with the holders of the bonds,  or in any way impair the rights and remedies of the bondholders,  until all bonds issued under this article,  together with interest,  including interest on any unpaid installments of interest,  and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully met and discharged. The political subdivision may include this pledge and undertaking in its resolutions and indentures securing its bonds under this article.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-468.06 - Bonds as obligation of political subdivision

35-468.06.
Bonds as obligation of political subdivision
Bonds issued under this article are obligations of the issuing political subdivision,  are payable only according to their terms and are not general,  special or other obligations of this state. The bonds do not constitute a legal debt of this state and are not enforceable against this state. Payment of the bonds is not enforceable out of any state monies other than the revenue pledged and assigned to,  or in trust for the benefit of,  the holders of the bonds.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-471 - Refunding bonds; resolution authorizing issuance; definition

35-471.
Refunding bonds;  resolution authorizing issuance;  definition
A. The board of supervisors,  on behalf of the county,  the governing body of a city or town or similar municipal corporation and a school district governing board may issue refunding bonds to refund the bonded indebtedness of such county,  school district,  city or town or other similar municipal corporation when it is expedient to do so.
B. The board of supervisors or other governing body desiring to issue refunding bonds shall adopt and include in its minutes a resolution stating:
1. The facts and determination of the necessity or advisability of refunding such bonded indebtedness,  including an estimate of the present value of the debt service savings,  net of all costs associated with the refunding bonds,  that will occur.
2. The amount of bonds to be issued,  the date of such bonds and the denominations.
3. The rate of interest and the maturity date.
4. The place of payment,  within or without the state,  of the principal and interest.
C. The amount of net premium associated with a refunding bond issue may be used only for one or more of the following:
1. To fund the escrow account to pay the bonds to be refunded.
2. To pay the costs incurred in issuing the refunding bonds.
3. As a deposit in a debt service fund and used to pay interest on the bonds.
D. If the net premium associated with a refunding bond issue is used to fund the escrow account to pay the bonds to be refunded and the principal amount of the refunding bonds is less than the principal amount of the bonds being refunded,  the difference between such principal amounts reduces the available aggregate indebtedness capacity of the political subdivision under the constitution and statutes of this state in an equal amount,  provided that the difference in the amounts may not exceed the aggregate available indebtedness capacity of the political subdivision. The difference in principal amount will not cause any increase or decrease in the principal amount authorized pursuant to any bond election. Any net premium used as provided in this subsection shall be amortized for all debt limitation purposes on a pro rata basis each year by multiplying the net premium used by a percentage equal to the percentage of the total principal amount of the bond issue that matures in that year.
E. For the purposes of this section,  " net premium"  means the difference between the par amount of the bond issue and the bond issue price determined pursuant to United States treasury regulations.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-472 - Form and contents of bonds; payment of principal and interest

35-472.
Form and contents of bonds;  payment of principal and interest
A. The refunding bonds shall be negotiable in form,  executed in the name of the county,  school district,  city or town or similar municipal corporation,  signed by the chairman of the governing board or body,  countersigned by the county or municipal treasurer,  sealed with the seal of the county or municipality and attested by the clerk.
B. The principal and interest of the bonds shall be payable at the office of the county or municipal treasurer or at such other place as designated in the bonds and coupons,  at the option of the holder.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-473 - Limitation on issuance of refunding bonds

35-473.
Limitation on issuance of refunding bonds
A. Notwithstanding the provisions of section 35-426 through section 35-429,  or any other provision of law to the contrary,  no bonds shall be issued by or on behalf of any county,  school district,  city or town,  or other municipal corporation or political subdivision of the state for the purpose of calling or redeeming outstanding bonds which have not matured or which are not callable for redemption under the express provisions of the proceedings authorizing such bonds,  but if the holder or holders of all or any portion of such bonds first consent thereto in writing,  refunding bonds may be issued for the purpose of redeeming the bonds held by such consenting holder or holders.
B. Refunding bonds issued in advance of maturity of the bonds to be refunded shall only be issued in the manner set forth in section 35-473.01.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-474 - Levy of tax for payment of bonds; security

35-474.
Levy of tax for payment of bonds;  security
A. The board of supervisors,  on behalf of the county or a school district in the county,  or the governing body or board of a municipal corporation that has issued refunding bonds shall levy,  during each year in which the bonds are outstanding,  a tax on all property in the political subdivision for which the bonds are issued,  sufficient to pay the annual interest on all bonds then outstanding and the annual installment of the principal thereof becoming due and payable in the next ensuing year. The annual levy shall not exceed the net amount necessary to meet annual payments of principal and interest,  projected payments of principal and interest on new debt planned for the ensuing year,  a reasonable delinquency factor,  including an amount necessary to correct prior year errors or shortages in the levy,  if applicable,  and any expenses and fees required in conjunction with the authorization pursuant to section 35-512. Such taxes shall be levied,  assessed and collected at the same time and in the same manner as other taxes are levied,  assessed and collected. The proceeds of the taxes shall be kept in a special segregated fund and shall be used only for the purpose for which collected.
B. All bonds,  heretofore and hereafter issued,  are secured by a lien on all revenues received pursuant to the tax levy. The lien arises automatically without the need for any action or authorization by the political subdivision or the political subdivision's governing body or board. The lien is valid and binding from the time of the issuance of the bonds. The revenues received pursuant to the levy of the tax are immediately subject to the lien. The lien attaches immediately to the revenues and is effective,  binding and enforceable against the political subdivision,  the political subdivision's successors,  transferees and creditors and all other parties asserting rights in the revenues,  irrespective of whether the parties have notice of the lien,  without the need for any physical delivery,  recordation,  filing or further act.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-475 - Exchange or sale of bonds; record of bonds paid or retired

35-475.
Exchange or sale of bonds;  record of bonds paid or retired
A. The refunding bonds may be exchanged in like amount for the bonds to be refunded,  or they may be sold by the governing board or body at not less than par and accrued interest,  and the proceeds applied to the purpose for which the bonds were issued.
B. The governing board or body shall keep a record disclosing the date,  number,  amount and maturity of each bond,  the payments of interest or principal thereon,  and its destruction when paid or retired. All bonds paid and retired shall be burned and destroyed by the governing board or body.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-481 - Applicability

35-481.
Applicability
A. The provisions of this article shall be applicable when installments of principal and interest of a special assessment in a specific amount secured by a lien on property and on the security of which bonds shall have been issued either collectible in the manner and by the officers provided for the collection and enforcement of the general taxes levied by a municipality or district only,  or which may be collectible by such method and for which a resolution providing for such collection shall have been adopted.
B. Notwithstanding any provision of law to the contrary relating to,  or any informalities,  illegalities or irregularities in the collection of such installments,  the remedy provided by this article shall be available,  in addition to the other remedies provided by law,  in the collection of delinquent installments.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-483 - Option to accelerate upon delinquency

35-483.
Option to accelerate upon delinquency
A. If any installment is delinquent,  the governing body may order that the whole of the unpaid principal amount of the assessment become immediately due and payable,  and be collected by summary sale proceedings pursuant to section 35-482.
B. If such order is made,  the amount for which the property is to be sold shall include,  in addition to the delinquent installments,  penalties,  interest and charges,  the other amounts necessary to prepay such assessment in full computed pursuant to applicable law.
C. If such order is made,  the owner or persons interested may,  at any time prior to sale,  pay the delinquent installments,  with interest,  penalties and charges,  and thereupon be restored to the right thereafter to pay in installments in the same manner as if default has not occurred,  and the amount of interest,  penalties and charges which shall accrue shall be unaffected by exercise of the option to accelerate hereby provided.
D. Notices pursuant to section 35-482 shall,  when the option to accelerate has been exercised,  so state and shall state the unpaid principal balance of the assessment for which the property is to be sold.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-492 - Reregistration or cancellation of registry of bond

35-492.
Reregistration or cancellation of registry of bond
A. The registered holder of a bond may,  either in person or by a bank or trust company authorized to do business in this state,  present the bond to the registrar with a written request endorsed on the bond that the bond be registered in the name of another person or that the registry be canceled and the bond be again made payable to bearer. Upon such request the registrar shall cancel the former registration and register the bond in the name of the person designated in the request and shall endorse upon the bond a certificate as required of an original registration. If the bond may be and the owner requests that it be made payable to bearer,  the registration shall be canceled and the certificate upon the bond shall declare that the bond is payable to bearer. The registrar shall keep a record thereof in a book provided for that purpose.
B. The proceedings pertaining to the issuance of any bond may prohibit its issuance or registration in bearer form.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-493 - Collection and payment of bond through bank or trust company; effect

35-493.
Collection and payment of bond through bank or trust company;  effect
The proceedings authorizing any bond may permit the registered holder of the bond to authorize any bank or trust company authorized to do business in this state to present the bond to the treasurer,  finance director or paying agent of the issuer for payment of the principal thereof,  or,  if the obligor has a fiscal agent without this state,  the obligor may authorize any bank or trust company doing business where such agent is located to make the presentment. Payment to such bank or trust company constitutes payment and satisfaction of the indebtedness.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-495 - Supplemental nature of article

35-495.
Supplemental nature of article
If the provisions of this article are inconsistent with any other provision of law,  in order to prescribe a form of bond which will comply with the tax equity and fiscal responsibility act of 1982 (P.L. 97-248),  the provisions of this article are controlling. The powers conferred by this article are in addition and supplemental to the powers conferred by any other law.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-502 - Reports; omission or refusal to comply; violation; classification

35-502.
Reports;  omission or refusal to comply;  violation;  classification
A. The governing body of the county,  city,  town,  district or other political subdivision shall make such reports to the department of administration as the department requires relating to the issuance of the bonds and securities provided by section 35-501 and shall notify the department of the retirement of any such bonds and of all payments of interest on the bonds,  immediately on retirement of the bond or payment of interest.
B. Any person or member of any governing body knowingly omitting or refusing to comply with the orders of the department of administration issued pursuant to this article is guilty of a class 2 misdemeanor.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-503 - Calculation of debt limits

35-503.
Calculation of debt limits
A. For purposes of calculating all debt limits pursuant to article IX,  section 8 or 8.1,  Constitution of Arizona,  the outstanding indebtedness of a jurisdiction shall equal the total principal amount of all bonds outstanding at the time of calculation. Bonds outstanding shall include the principal amount of all bonds issued by the jurisdiction except principal that has been paid or for which monies have been deposited into a dedicated fund for the payment of the principal. The principal amount of a bond shall equal the par amount of the bond exclusive of any premium or discount.
B. The net assessed value of the full cash value is the basis for calculating the debt limitations prescribed in article IX,  section 8 or 8.1,  Constitution of Arizona.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-504 - Debt oversight commission; membership; compensation; duties

35-504.
Debt oversight commission;  membership;  compensation;  duties
A. In order to provide more accurate and meaningful information to the public regarding bond issues,  the debt oversight commission is established in the department of administration.
B. The commission consists of the director of the department of administration,  who serves as chairperson,  and four private citizens who are knowledgeable in the area of finance or bond financing,  one who is appointed by the governor and three who are appointed jointly by the president of the senate and the speaker of the house of representatives. The terms of appointive members are three years.
C. An appointment to fill a vacancy on the commission resulting from other than expiration of term is for the unexpired portion of the term.
D. The department of administration shall provide secretarial and staff support services to the commission.
E. The private citizen members of the commission are eligible to receive $50 per day for time spent in the performance of their duties. These monies shall be paid from monies appropriated to the department of administration.
F. The commission shall meet at least annually and,  in addition,  at the call of the chairperson. The commission shall meet at such times and places as convenient or necessary to conduct its affairs and shall render its findings,  reports and recommendations in writing to the governor and to the legislature.
G. The commission shall:
1. Review the information provided to the department of administration as prescribed in section 35-501.
2. Ascertain the bonded indebtedness of all taxing jurisdictions and the relationship to the appropriate debt limitation.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-511 - Definitions

35-511.
Definitions
In this article unless the context otherwise requires:
1. " Bond"  means any bond,  note,  warrant,  lease,  lease purchase agreement or other interest bearing obligation issued pursuant to any provision of law by this state or any political subdivision.
2. " Political subdivision"  means city,  town,  county,  school district,  community college district,  multi-county water conservation district,  agriculture improvement district,  industrial development authority,  pollution control corporation,  special taxing district in title 48 and any other agency,  instrumentality,  municipal corporation or other entity created by a law of this state which has the power to issue bonds.
3. " Rebate"  means the payment of monies to the federal government pursuant to any law enacted by the Congress of the United States in consideration of retaining any exemption from federal income taxes for the interest income on an issuer's bonds.
4. " Treasurer"  means the treasurer,  finance director or other person acting in the capacity of the treasurer of this state or any political subdivision.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-512 - Authority to comply with federal income tax laws

35-512.
Authority to comply with federal income tax laws
A. The governing body of any department,  agency,  instrumentality of this state or any political subdivision may make any covenant,  order any rebate,  file any tax return,  report any information and order the limitation on the yield of any investment made with the proceeds from the sale of its bonds or with taxes,  revenues or other income pledged,  held in trust or otherwise used to pay principal,  interest and premium,  if any,  on its bonds in consideration for any federal tax benefits,  payments or credits relating to a bond issued under any provision of law,  including federal tax credits,  federal subsidy payments and retention of the exemption from federal income taxes for the interest income on a bond issued.
B. To induce prospective purchasers to purchase bonds,  the governing body of any department,  agency or instrumentality of this state or any political subdivision may provide in any resolution,  ordinance,  indenture or contract authorizing or providing for the issuance of bonds,  or in the bonds themselves,  that in the event the interest on such bonds is declared to be subject to federal income taxation in a final decision of a court having jurisdiction in the matter and on such additional conditions as the governing body may prescribe,  the interest rate,  including prior interest paid if applicable,  may increase to a predetermined rate. The predetermined rate may be calculated in any manner. This subsection shall not be construed to allow interest rates to increase above the maximum rate that otherwise may be provided by law,  election or contractual agreement.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-514 - Construction; right to contest; supplemental nature of article

35-514.
Construction;  right to contest;  supplemental nature of article
A. This article is to be construed to be supplemental to and govern over any provision of law which prohibits rebates or other actions authorized in this article. The rebates authorized in this article are deemed to be made for a public purpose and to be made in furtherance of the purposes for which the bonds are issued. No findings of necessity need be made by the governing body of any political subdivision or of any department,  agency or instrumentality of this state before exercising,  or ordering the exercise of,  any power granted hereunder. The preservation of exemptions from federal income tax or interest on bonds is found and determined to be of statewide interest,  and this article applies to charter cities as well as all other political subdivisions.
B. Neither this article nor the actions of any department,  instrumentality of this state or any political subdivision shall be construed as a waiver of any right to contest the constitutionality of any act or law of the United States which seeks to tax the debts or obligations of this state or any political subdivision or interest income thereon or otherwise impose restrictions of any nature on the issuance of any bonds.
C. All treasurers shall conform investment and accounting practices in accordance with the resolutions,  ordinances,  indentures or contracts made in accordance with this article.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-515 - Rebate reporting; state agencies

35-515.
Rebate reporting;  state agencies
A. The state treasurer shall report to the United States government any rebate resulting from bonds issued by any state agency. The state treasurer may contract with professional consultants deemed necessary by the state treasurer in order to comply with the provisions of this section. The state treasurer may charge any costs associated with this section proportionally among the state agencies for which reports are made. Rebate reporting by the state treasurer does not relieve the state agency from the responsibility for any payment of any rebate that may become due.
B. State agencies shall deliver to the state treasurer in a timely manner all information required by the state treasurer to comply with rebate reporting requirements. Such information shall include official statements,  certificates of rebate,  certificates of yield,  investment accounting documentation,  amortization schedules and contract documents.
C. The state treasurer shall make rebate payments on behalf of the agency as required. The rebate payment and any charges incurred pursuant to subsection A shall be transferred from the account of the state agency to the state treasurer for such payments.
D. This section shall apply to the Arizona board of regents and the institutions under the jurisdiction of the board upon the approval of the board of regents.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-601 - Definitions

35-601.
Definitions
For the purposes of this article:
1. " Federal bankruptcy statute"  means the act of Congress entitled,  " An act to establish a uniform system of bankruptcy throughout the United States, "  approved July 1,  1898,  as amended or supplemented.
2. " Taxing district"  means a " taxing district"  as defined in the federal bankruptcy statute.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-602 - Exercise of powers

35-602.
Exercise of powers
All powers granted by this article to taxing districts may be exercised by such districts,  or,  if such districts have no officers of their own,  may be exercised by the officers who have the authority to contract on behalf of such districts,  or to levy special assessments or special taxes within such districts.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-603 - Filing petition; payment of expenses

35-603.
Filing petition;  payment of expenses
Any taxing district in this state is authorized to file the petition provided for in the federal bankruptcy statute and to incur and pay the expenses thereof and any and all other expenses necessary or incidental to the consummation of the plan of readjustment contemplated in such petition or as it may be modified from time to time.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-604 - Resolution authorizing filing of petition and representation of district by attorney

35-604.
Resolution authorizing filing of petition and representation of district by attorney
Before the filing of the petition referred to in section 35-603,  the taxing district shall adopt a resolution authorizing the filing thereof and authorizing its duly and regularly elected or appointed attorney,  or special counsel appointed for such purpose,  to file the petition and to represent the taxing district in the proceedings with respect thereto in the United States district court having jurisdiction thereof.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-605 - Powers of taxing district

35-605.
Powers of taxing district
Any taxing district is authorized and empowered to take any and all action necessary to carry out any plan of readjustment contemplated in the petition,  or as such petition is modified from time to time,  subject only to the provisions of the constitution of this state,  any other provision of law to the contrary notwithstanding.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-606 - Resolution of district assenting to plan as prerequisite of final decree of court becoming effective

35-606.
Resolution of district assenting to plan as prerequisite of final decree of court becoming effective
No final decree or order of the United States district court confirming a plan of readjustment shall be effective for the purpose of binding the taxing district unless and until the taxing district files with the court a certified copy of a resolution of such taxing district,  adopted by it or by the officials referred to in section 35-602,  consenting to the plan of readjustment set forth or referred to in such final decree or order.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-608 - Purpose of article

35-608.
Purpose of article
This article shall not affect any other law covering the same subject matter,  or apply to any proceedings thereunder,  but is intended to and does provide,  among other matters,  an alternative system for refunding bonds pursuant to the provisions of,  and in conjunction with,  the federal bankruptcy statute.
2023 Arizona Revised Statutes › Title 35 - Public Finances › § 35-702 - Proceedings to incorporate industrial development authority

35-702.
Proceedings to incorporate industrial development authority
A. Whenever any number of natural persons,  not less than three,  each of whom is a qualified elector of the municipality or the county or,  in the case of a corporation to be formed with the permission of the Arizona finance authority or the Arizona board of regents,  qualified electors of this state,  file with any governing body thereof an application in writing seeking permission to apply for the incorporation of an industrial development board of the municipality or county,  the governing body shall consider the application. If the governing body by resolution finds and determines that it is wise,  expedient,  necessary or advisable that the corporation be formed and authorizes the persons making the application to form the corporation,  then the persons making the application shall proceed to incorporate as prescribed by this chapter. A corporation may not be formed unless the application first has been filed with the governing body having jurisdiction and the governing body adopts a resolution as provided in this section. Any corporation when formed shall be a political subdivision of this state and have only the governmental powers as are set forth in this chapter or in chapter 6 of this title and the power to enter into intergovernmental agreements in accordance with title 11,  chapter 7,  article 3.
B. Only one corporation shall be approved by a municipality or county for operation at any time.