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2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5122 - Board powers and duties

48-5122.
Board powers and duties
The board shall:
1. Implement the public transportation element of the regional transportation plan funded by the public transportation fund.
2. Determine whether to operate public transportation systems or to let contracts for their operation.
3. Adopt an annual budget and fix the compensation of its employees.
4. Adopt an administrative code by ordinance that:
(a) Prescribes the powers and duties of the employees of the authority that are not inconsistent with this chapter.
(b) Prescribes the method of appointing board employees.
(c) Prescribes methods,  procedures and systems of operating and managing the board.
(d) May provide for,  among other things,  appointing a general manager and organizing the employees of the board into units for administration,  design and construction,  planning and operation,  property acquisition and community relations and other units as the board deems necessary.
5. Cause a postaudit of the financial transactions and records of the board to be made at least annually by a certified public accountant.
6. Adopt all ordinances and make all rules proper or necessary to:
(a) Regulate the use,  operation and maintenance of its property and facilities,  including its public transportation systems and related transportation facilities and services operating in its area of jurisdiction.
(b) Carry into effect the powers granted to the board.
7. Appoint advisory commissions as it deems necessary.
8. Enter into agreements with the department of transportation,  a regional planning agency,  metropolitan planning organization or council of governments,  a county,  city or town or a designated grant recipient for the acceleration of a transportation project as defined in section 28-7671,  and may advance monies to the department of transportation,  a regional planning agency,  metropolitan planning organization or council of governments,  a county,  city or town or a designated grant recipient pursuant to those agreements. The board may pledge any lawfully available monies,  including excise taxes,  to the repayment of all or any part of the principal,  premium,  if any,  and interest on any borrowing to fund the advance.
9. Do all things necessary to carry out the purposes of this chapter.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5123 - Contracts; eminent domain

48-5123.
Contracts;  eminent domain
A. The board may contract and enter into stipulations of any nature and do all acts necessary and convenient for the full exercise of the powers granted in this chapter,  except that the board shall not exercise the power of eminent domain.
B. The cities and towns or county may exercise the right of eminent domain pursuant to title 12,  chapter 8,  article 2 for the purposes prescribed in this chapter,  in behalf of the authority,  and sell or lease to the authority any property acquired through eminent domain proceedings.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5161 - Definitions

48-5161.
Definitions
In this article,  unless the context otherwise requires:
1. " Any public transportation purpose"  includes any one or more of the following purposes:
(a) The payment of public transportation obligations.
(b) The cost of acquiring,  constructing,  reconstructing,  equipping,  maintaining and repairing a public transportation system.
(c) The acquisition of real property for public transportation needs.
(d) The payment of bond related expenses.
2. " Bond related expenses"  means expenses incurred by the authority 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 expert fees and expenses,  cost of credit enhancement fees,  attorney and accounting fees and expenses related to credit enhancement,  bond insurance or liquidity enhancement,  remarketing fees,  rating agency fees and costs,  travel and telephone expenses and all other fees deemed necessary by the board in order to market and administer the bonds.
3. " Bonds"  means bonds of the authority issued pursuant to this article.
4. " Real property for public transportation needs"  means real property and any appurtenances to the real property that are designated or may be designated by the board as a location for the construction of a public transportation system project,  including all lands or interests in lands,  the use or occupancy of which are necessary or appropriate in the construction,  reconstruction,  repair,  maintenance,  extension,  development,  improvement or operation of public transportation facilities and improvements.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5162 - Bond authority

48-5162.
Bond authority
Subject to this article the board may:
1. Issue negotiable bonds in a principal amount that,  in the opinion of the board,  is necessary to provide sufficient monies for any public transportation purpose that is included in the regional public transportation system plan,  to establish reserves to secure the bonds and to provide for the payment of all other expenditures of the board incidental,  necessary and convenient to carry out these purposes.
2. Issue refunding bonds if the board deems refunding expedient.
3. Refund any bonds issued by the board if the bonds are secured from the same source of revenues as the bonds authorized in this article by the issuance of new bonds,  whether or not the bonds to be refunded have matured.
4. Issue bonds partly to refund bonds then outstanding and partly for any public transportation purpose consistent with this article. Regardless of whether or not the bonds are of such form or character as to be negotiable instruments under the terms of the uniform commercial code,  the bonds are fully negotiable within the meaning and for all purposes of the uniform commercial code.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5163 - Bond requirements

48-5163.
Bond requirements
The bonds authorized by this article shall:
1. Be authorized by resolution of the board.
2. Bear such date or dates and shall mature at such time or times as the resolution or resolutions may provide.
3. If the transportation excise tax has a final termination date,  mature at or before the final termination date.
4. Bear interest at such rate or rates,  whether fixed or variable,  be in such denominations,  be in such form,  be executed in such manner,  be payable in such medium of payment at the office of the fiscal agent or at such other place or places and be subject to such terms of redemption as the resolution or resolutions may provide.
5. Be sold at public or private sale at the price and on the terms the board determines,  except that bonds to fund or refund other bonds may be either sold or exchanged with the holders of bonds being funded or refunded on terms the board determines.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5164 - Bond payment; security

48-5164.
Bond payment;  security
In connection with the issuance of the bonds authorized by this article to secure the payment of the bonds and interest on the bonds,  the board by resolution may:
1. Provide that bonds issued under this article may be secured by a first lien on all or any part of the monies paid into the public transportation fund.
2. Establish and segregate one or more bond accounts in the public transportation fund to set aside monies to be used to pay principal,  interest and premium,  if any,  on the bonds and provide conditions and terms for the use of the accounts.
3. Pledge and assign to or in trust for the benefit of the holder or the holders of the bonds all or any part of the monies that are paid into the public transportation fund and that will be necessary to pay the principal of and interest on the bonds as the bonds become due.
4. Set aside,  regulate and dispose of reserves and sinking funds.
5. Provide that sufficient amounts of the proceeds from the sale of the bonds may be used to fully or partly fund all reserves or sinking funds set up in the bond resolution.
6. Prescribe the procedure,  if any,  by which the terms of a 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.
7. Provide for payment of bond related expenses from the proceeds of the sale of the bonds or other monies available to the authority.
8. Do any other matters,  of like or different character,  that may in any way affect the security and protection of the bonds or affect interest on the bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5165 - Pledges; liens

48-5165.
Pledges;  liens
A. A pledge made pursuant to this article is valid and binding from the time when the pledge is made. The monies pledged pursuant to this article and placed in a bond account of the public transportation fund are immediately subject to the lien of the pledge without any future physical delivery or further act.
B. A lien of any pledge is valid or binding against all parties having claims of any kind in tort,  contract or otherwise against the board,  regardless of whether the parties have notice. When placed in the records of the board,  the official resolution or trust indenture or any instrument by which this pledge is created is notice to all concerned of the creation of the pledge,  and these instruments are not required to be recorded in any other place to perfect the pledge.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5166 - Liability; bond validity

48-5166.
Liability;  bond validity
A. The members of the board or a person executing the bonds is not personally liable for the payment of the bonds.
B. The bonds are valid and binding obligations of the authority notwithstanding the fact that before the delivery of the bonds any of the officers whose signatures appear on the bonds cease to be officers of the authority.
C. From and after the sale and delivery of the bonds,  the bonds are incontestable by this state,  the county or the authority.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5168 - Financial interest prohibited; violation; classification

48-5168.
Financial interest prohibited;  violation;  classification
A. A member of the board or an employee of the authority shall not have a direct or indirect financial interest in any real property for public transportation needs that is purchased from monies made available by the issuance of bonds.
B. A person who violates this section is guilty of a class 2 misdemeanor.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5169 - Public transportation bond proceeds fund

48-5169.
Public transportation bond proceeds fund
A. The public transportation bond proceeds fund is established. After deducting the necessary costs and expenses of the issuance and sale of the bonds,  the authority shall promptly transfer the proceeds received from the sale and delivery of the bonds to the fiscal agent for deposit in the public transportation bond proceeds fund. The fiscal agent shall maintain the fund separate and apart from all other funds,  except that the authority's treasurer or fiscal agent shall first apply those amounts of the bond proceeds provided in the resolution issuing the bonds to all reserve and sinking funds created in the bond resolution. The authority may spend monies in the fund for any public transportation purpose not inconsistent with the resolutions authorizing the bonds.
B. The board may order the investment of monies in the public transportation bond proceeds fund by the fiscal agent in obligations issued or guaranteed by the United States or any of the senior debt of its agencies,  sponsored agencies,  corporations,  sponsored corporations or instrumentalities and any investments that are authorized by any other agencies of the United States government and that are now authorized for use to secure public deposits or state,  county or municipal bonds issued in this state on which the payments of interest have not been deferred.
C. The order directing the fiscal agent to invest the monies shall set forth the approximate time when the proceeds from the sale of the bonds shall be used for the purposes directed in the bond resolution,  and the fiscal agent shall invest the proceeds from the sale of the bonds in the securities prescribed in subsection B in such a way as to mature at the specified date.
D. The board shall use the monies or securities in the public transportation bond proceeds fund solely for the purposes set forth in the bond resolution,  except that,  if the revenues pledged to secure the bonds ever are insufficient to pay the annual principal and interest on the bonds,  the board shall order:
1. The liquidation of the securities remaining in the fund.
2. The fiscal agent to apply all such monies in the fund as necessary to make current all payments then due on the bonds.
E. Title 35,  chapter 3,  article 7 applies to the bonds and the authority.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5170 - Regional public transportation authority monies; treasurer; investments

48-5170.
Regional public transportation authority monies;  treasurer;  investments
A. No monies derived from the sale of bonds issued under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds may be required to be paid into the state or county treasury.
B. The authority may appoint a treasurer or fiscal agent to hold,  deposit or invest the authority's monies.
C. Monies derived from the sale of bonds issued under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds:
1. May be invested in obligations issued or guaranteed by the United States or any of the senior debt of its agencies,  sponsored agencies,  corporations,  sponsored corporations or instrumentalities or shall be deposited by the treasurer or other fiscal officer of the board in the banks or trust companies as designated by the board and,  if required by the board,  shall be secured by obligations of the United States.
2. Shall be disbursed as the board may direct and according to the terms of any agreements with the holder or holders of any bonds.
D. This section does not limit the power of the board to agree in connection with the issuance of any of its bonds as to the custody and disposition of the monies received from the sale of the bonds or from the income and revenues pledged or assigned to or in trust for the benefit of the holder or holders of the bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5171 - Agreement of state

48-5171.
Agreement of state
A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the rights vested in the board to collect the revenues pledged for repayment of the bonds as may be 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,  interest on the bonds,  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.
B. The board as agent for this state may include this pledge and undertaking by this state in its resolutions and indentures securing its bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5172 - Taxation exemption

48-5172.
Taxation exemption
The board is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed or on the activities of the board in maintaining and caring for the real property or in the monies derived from the real property. The bonds,  their transfer and the income from the bonds are at all times free from taxation in this state.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5173 - Attorney general bond certification

48-5173.
Attorney general bond certification
A. The board may submit to the attorney general any bonds to be issued under this article after all proceedings for the authorization of the bonds have been taken. On the submission of the proceedings to the attorney general,  the attorney general shall investigate and determine the validity of the bonds and the regularity of all proceedings in connection with the issuance.
B. If the proceedings conform to this article and if the bonds when delivered and paid for will constitute binding and legal obligations of the board enforceable according to the terms of the bonds,  the attorney general shall certify in substance on the back of each of the bonds that it is issued in accordance with the constitution and laws of this state.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5174 - Bond obligations of the board

48-5174.
Bond obligations of the board
A. Bonds issued pursuant to this article:
1. Are obligations of the board issuing the bonds.
2. Are payable only pursuant to the terms of the bonds.
3. Are not obligations that are general,  special or otherwise of this state.
4. Are not a legal debt of this state.
5. Are not enforceable against this state.
B. Payment of the bonds issued pursuant to this article is not enforceable out of any monies of the authority other than the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5175 - Bonds; legal investments

48-5175.
Bonds;  legal investments
Bonds issued under this article are made securities:
1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them:
(a) Public officers and bodies of this state.
(b) Municipalities and political subdivisions of this state.
(c) Insurance companies and associations and other persons carrying on an insurance business.
(d) Banks,  bankers,  trust companies,  savings banks and savings associations,  including savings and loan associations,  building and loan associations,  investment companies and other persons carrying on a banking business.
(e) Administrators,  guardians,  executors,  trustees and other fiduciaries.
(f) Other persons authorized to invest in bonds or other obligations of this state.
2. That may be deposited with and may be received by all public officers and bodies of this state and all municipalities and political subdivisions of this state for any purpose for which the deposit of bonds or other obligations of this state is authorized.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5301 - Definitions

48-5301.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Arterial street or highway"  means a street or highway that is used primarily for through traffic such that vehicular traffic from intersecting streets and highways is required by law to stop or yield before entering or crossing the street or highway.
2. " Authority"  means a regional transportation authority organized under this chapter.
3. " Board"  means the board of directors of a regional transportation authority established pursuant to section 48-5303.
4. " Controlled access highway"  has the same meaning prescribed in section 28-601.
5. " County"  means a county with a population of less than one million two hundred thousand persons in which a regional transportation authority is established pursuant to section 48-5302.
6. " Fiscal agent"  means a bank or trust company authorized to do business in this state or the county treasurer as designated by the board.
7. " Municipality"  means an incorporated city or town.
8. " Population"  means the population determined in the most recent United States decennial census or the most recent special census as provided in section 28-6532.
9. " Public transportation"  means local transportation of passengers by means of a public conveyance,  including para-transit.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5302 - Regional transportation authority; establishment

48-5302.
Regional transportation authority;  establishment
A. A regional transportation authority is established in a county with a population of more than four hundred thousand but less than one million two hundred thousand persons. The board of supervisors of a county with a population of four hundred thousand or fewer persons may establish a regional transportation authority in the county.
B. An authority is a public,  political,  tax levying public improvement and taxing subdivision of this state and a municipal corporation to the extent of the powers and privileges conferred by this chapter or granted generally by the constitution and statutes of this state,  including immunity of its property and the interest income and gain on its bonds from taxation.
C. The membership of the authority consists of each municipality in the county,  the county and any other members of the regional council of governments that are from the county that established the authority. The authority may operate in all areas of the county in which it is organized.
D. The executive director of the regional council of governments acts as the executive director of the authority and serves in that specific role until replaced at the discretion of the board of the regional transportation authority.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5303 - Board of directors; executive director

48-5303.
Board of directors;  executive director
A. The government of the authority is vested in a board of directors composed of the members of the regional council of governments that are from the county that established the authority,  and each member of the board of directors is vested with one vote each when determining transportation policy as the regional transportation authority.
B. The members of the board shall:
1. Appoint a chairman from among the members at the first official meeting of the board.
2. By rule determine its officers,  terms and procedures of appointment.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5305 - Board powers

48-5305.
Board powers
The board may:
1. Adopt an administrative code that:
(a) Prescribes the powers and duties of the employees of the authority that are not inconsistent with this chapter,  the method of appointing board employees and methods,  procedures and systems of operating and managing the board.
(b) May provide for,  among other things,  appointing a general manager and organizing the employees of the board into units for administration,  design and construction,  operation,  property acquisition and community relations and other units as the board deems necessary.
2. Sue and be sued.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5306 - Court; fees

48-5306.
Court;  fees
A. In addition to any costs that are awarded as prescribed by statute,  a court shall award fees of not more than ten thousand dollars and other expenses to any party,  other than this state or a city,  town or county,  on the merits in an action brought by the party against the authority to challenge right-of-way actions conducted by or on behalf of the authority.
B. In determining the award provided for in this section,  the court shall deny or reduce the award if it finds that any of the following applies:
1. During the course of the proceeding the beneficiary of the award unduly and unreasonably protracted the final resolution of the matter.
2. The award is attributable to an intervening change in the applicable law.
3. The beneficiary of the award refused an offer of civil settlement that was at least as favorable to the party as the relief ultimately granted.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5307 - Regional transportation fund

48-5307.
Regional transportation fund
A. A regional transportation fund is established for the authority. The fund consists of:
1. Monies received from the county transportation excise tax as provided in section 42-6106.
2. Monies appropriated by each municipality or the county.
3. Grants,  gifts or donations from public or private sources.
4. Monies granted by the federal government or appropriated by the legislature.
5. Fares or other revenues collected by the authority in operating a public transportation system.
6. Monies from bonds issued by the board pursuant to article 2 of this chapter.
B. Subject to the powers granted to the board in article 2 of this chapter,  the fiscal agent on behalf of the authority shall administer monies paid into the regional transportation fund.
C. The department of revenue shall collect all transportation excise tax monies pursuant to section 42-6106 and shall deposit them monthly pursuant to section 42-5014 in a fund designated for the regional transportation authority as the regional transportation fund.
D. Except as provided in this section,  the beneficial interest in the fund is the authority that levied the transportation excise tax. This state or the county does not have a beneficial interest,  either legal or equitable,  in the fund,  except for the repayment of election expenses.
E. Monies and investments in the regional transportation fund may be used and spent only as provided in this chapter. An appropriation of any nature is not required before the expenditure of any monies from the fund.
F. The regional transportation fund shall be divided into three separate accounts,  designated as the bond account,  the construction account and the bond proceeds account. Transfers between accounts shall be made only as provided in this section or in article 2 of this chapter.
G. Before the issuance of any bonds payable from the regional transportation fund as provided in article 2 of this chapter,  transportation excise tax revenues shall be deposited in the construction account and spent as provided in this article. After the issuance of any bonds payable from the regional transportation fund as provided in article 2 of this chapter,  transportation excise tax revenues shall be deposited in the bond account first until the bond account contains monies sufficient to meet all principal,  interest or redemption requirements for the current period as required by any resolution of the board pertaining to the issuance of bonds. After all current period requirements for all of the bonds are deposited in the bond account,  the balance of transportation excise tax revenues received for the current period shall be deposited in the construction account.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5310 - Five year transportation facilities construction program update

48-5310.
Five year transportation facilities construction program update
The director of the department of transportation shall develop and annually update as a component of the five year transportation facilities construction program provided in section 28-6954 the use of monies expected to accrue to the county's regional transportation fund as provided in this article that are dedicated for street and highway purposes and that are in the state highway system.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5312 - Highway construction and maintenance

48-5312.
Highway construction and maintenance
A. The department of transportation shall construct and maintain the controlled access highways approved by a majority of the qualified electors voting at a special or general election and financed pursuant to section 48-5308,  subsection C.
B. The authority may contract with municipalities in the county and with the county to allow the municipalities and county to construct the streets or highways approved by a majority of the qualified electors voting at a special or general election and funded by monies distributed pursuant to section 48-5308,  subsection C.
C. On completion of construction,  the municipality or county in which monies are spent for a project approved by a majority of qualified electors voting at a special or general election and funded by monies distributed pursuant to section 48-5308,  subsection C is responsible for maintaining the project.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5313 - Eminent domain

48-5313.
Eminent domain
The cities and towns or county may:
1. Exercise the right of eminent domain pursuant to title 12,  chapter 8,  article 2 for the purposes prescribed in this chapter on behalf of the authority.
2. Sell or lease to the authority property acquired through eminent domain proceedings.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5315 - Utility relocation reimbursement; definition

48-5315.
Utility relocation reimbursement;  definition
A. If county transportation excise tax monies collected pursuant to section 42-6106 are used to construct a light rail system under the regional transportation plan,  all costs for the relocation,  and reasonable ongoing costs related to the relocation,  of utility facilities incurred as a direct result of the construction and operation of the light rail system shall be reimbursed by the light rail project to the utility. The board shall make the payments from transportation excise tax revenues within ninety days after presentation of a statement of verified expenses. The statement of verified expenses shall not include profit but may include a reasonable allocation of general overhead. The verified expenses may be reviewed and audited by the light rail operator. The audit must be concluded within ninety days and shall be conducted pursuant to standard industry accounting principles.
B. If the relocated utility has existing land rights,  the light rail operator shall relocate the utility with equal land rights. If the relocated utility is operating in the right-of-way under a permit,  the light rail operator shall relocate the utility according to the utility's existing rights under the permit within the right-of-way.
C. The light rail operator shall be fully responsible for acts,  negligence or omissions of all of its employees on the project that result in damage to utility facilities.
D. For the purposes of this section,  " utility"  means any public service corporation,  licensed cable television system,  licensed video service network,  telephone line or telegraph line corporation or person engaged in the generation,  transmission or delivery of electricity,  natural gas,  telephone,  cable television,  video,  telegraph or water service,  including this state or any political subdivision or agency of this state.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5341 - Bonds payable from transportation excise taxes

48-5341.
Bonds payable from transportation excise taxes
The board is designated as the body having sole and exclusive power to authorize and issue bonds or incur long-term obligations payable in whole or in part from monies collected from the transportation excise tax authorized pursuant to section 42-6106. The board may:
1. Issue negotiable bonds payable solely from monies paid into the bond account of the regional transportation fund in the principal amount that in the opinion of the board is necessary to provide sufficient monies for any lawful purpose for which the regional transportation fund monies may be spent,  to establish reserves to secure the bonds and to provide for the payment of all other expenditures of the board incidental,  necessary and convenient to carry out these purposes.
2. Issue refunding bonds if the board deems refunding expedient.
3. Refund any bonds issued by the board and payable from regional transportation fund income as authorized in this article by the issuance of refunding bonds,  whether the bonds to be refunded have or have not matured. Proceeds of refunding bonds may be used to pay principal,  interest or redemption premiums on refunded bonds.
4. Issue bonds partly to refund bonds then outstanding and partly for any other purpose consistent with this article. Regardless of whether or not the bonds are of such form or character as to be negotiable instruments under the terms of the uniform commercial code,  the bonds are fully negotiable within the meaning of and for all purposes of the uniform commercial code.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5342 - Bond requirements

48-5342.
Bond requirements
A. The bonds authorized by this article shall:
1. Be authorized by resolution of the board.
2. Bear such date or dates and shall mature at such time or times,  not exceeding the earlier of twenty years from their respective dates or the date the transportation excise taxes securing the bonds cease,  as the resolution or resolutions may provide.
3. Bear interest at such rate or rates,  including rates that may vary from time to time,  pursuant to parameters set by the board in the authorizing resolution.
4. Be in the denomination,  be in the form,  either coupon or registered,  be executed in the manner,  be payable as to principal,  interest or premium in the medium of payment at the office of the state treasurer of this state or at such other place as the board provides either by automatic deposit,  wire transfer or mail.
5. Be subject to such terms of redemption,  at the option of either the board or the owner of the bond,  as the resolution or resolutions may provide.
B. The bonds may be sold at either public or private sale,  above,  at or below par and on terms the board determines. Bonds to fund or refund other bonds may be exchanged with the holders of bonds being funded or refunded on terms the board determines.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5343 - Bond payment; security

48-5343.
Bond payment;  security
In connection with the issuance of the bonds authorized by this article or to secure the payment of the bonds and interest on the bonds,  the board by resolution may:
1. Provide that bonds issued under this article may be paid with and secured by a pledge on all or any part of the monies paid into the bond account of the regional transportation fund,  and if monies in the bond account are ever insufficient,  then from any other unobligated monies in the construction account or the bond proceeds account. The board may:
(a) Set the priority of lien or claim of any series or issue of bonds against any other series or issues.
(b) Not abrogate or change the priority unless the affected series or issue is to be fully paid or fully provided for by the issuance of refunding bonds or the holders of the bonds affected agree in writing to the change.
2. Pledge and assign to or in trust,  with a trustee appointed by the board,  for the benefit of the holder or holders of the bonds all or any part of the monies paid into the bond account of the regional transportation fund as will be necessary to pay the principal of,  interest on and premium,  if any,  on the bonds as the bonds become due.
3. Set aside,  regulate and dispose of reserves and sinking funds.
4. Provide that sufficient amounts of the proceeds from the sale of the bonds may be used to fully or partly fund any and all reserves or sinking funds set up by the bond resolution.
5. Prescribe the procedure,  if any,  by which the terms of a 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 from the proceeds of the sale of the bonds of all legal and financial expenses incurred by the board in the issuance,  sale,  delivery and payment of the bonds.
7. Do any other matters,  of like or different character,  that may in any way affect the security and protection of the bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5344 - Pledges; liens

48-5344.
Pledges;  liens
A. A pledge made pursuant to this article is valid and binding from the time when the pledge is made. The monies pledged pursuant to this article when placed in the bond account,  bond proceeds account or construction account of the regional transportation fund are immediately subject to the lien of the pledge without any future physical delivery or further act.
B. A lien of any pledge is valid or binding against all parties having claims of any kind in tort,  contract or otherwise against the board,  regardless of whether the parties have notice. When placed in the records of the board,  the official resolution or trust indenture or any instrument by which this pledge is created is notice to all concerned of the creation of the pledge,  and these instruments are not required to be recorded in any other place. A filing or recording of the resolution of the board creating or extending the lien or pledge in order for the pledge or lien to become fully effective is not required in any office other than in the office of the board.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5345 - Liability; bond validity

48-5345.
Liability;  bond validity
A. The members of the board or a person executing the bonds is not personally liable for the payment of the bonds.
B. The bonds are valid and binding obligations of the board notwithstanding the fact that before the delivery of the bonds any of the officers whose signatures appear on the bonds cease to be officers of the board.
C. From and after the sale and delivery of the bonds,  the bonds are incontestable by the board or the county.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5347 - Notice; bond issuance

48-5347.
Notice;  bond issuance
A. The board shall publish a notice of its intention to issue bonds under this article for at least five consecutive days in a newspaper published in this state. The last day of publication shall be at least ten days before the issuance of the bonds.
B. The notice shall state the amount of the bonds to be sold and the intended date of issuance.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5348 - Bond proceeds; distribution; expenditures

48-5348.
Bond proceeds;  distribution;  expenditures
A. After deducting the necessary costs and expenses of the issuance and sale of the bonds,  the board shall deposit,  pursuant to sections 35-146 and 35-147,  the proceeds received from the sale and delivery of bonds issued pursuant to this article in the regional transportation fund. The state treasurer or the fiscal agent shall first apply those amounts of the bond proceeds provided in the resolution issuing the bonds to all reserve and sinking funds created in the bond resolution.
B. The board shall use the bond proceeds solely for the purposes provided in the bond resolution,  except that,  if the revenues pledged to secure the bonds ever become insufficient to pay the annual principal and interest on the bonds,  the board shall order:
1. The liquidation of any investments.
2. The state treasurer or the fiscal agent to apply all of the receipts as necessary to make current all payments then due on the bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5349 - Agreement of state and county

48-5349.
Agreement of state and county
A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds,  limit or alter the authority of the board levying a transportation excise tax in a way that prevents the imposition of sufficient transportation excise taxes 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,  interest on the bonds,  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.
B. The board as agent for this state may include this pledge and undertaking by this state in its resolutions and indentures securing its bonds.
C. A county shall not take any action to lower or terminate any transportation excise tax.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5350 - Taxation exemption

48-5350.
Taxation exemption
The board is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed or on the activities of the board in maintaining and caring for the real property or in the monies derived from the real property. The bonds,  their transfer and the income from the bonds are at all times free from taxation in this state.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5351 - Attorney general bond certification

48-5351.
Attorney general bond certification
A. The board may submit to the attorney general any bonds to be issued under this article after all proceedings for the authorization of the bonds have been taken. On the submission of the proceedings to the attorney general,  the attorney general shall investigate and determine the validity of the bonds and the regularity of all proceedings in connection with the issuance.
B. If the proceedings conform to this article and if it is determined that the bonds when delivered and paid for will constitute binding and legal obligations of the board enforceable according to the terms of the bonds,  the attorney general shall certify in substance on the back of each of the bonds that it is issued in accordance with the constitution and laws of this state.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5352 - Bond obligations of the board

48-5352.
Bond obligations of the board
Bonds issued pursuant to this article:
1. Are obligations of the board issuing the bonds.
2. Are payable only pursuant to the terms of the bonds.
3. Are not obligations that are general,  special or otherwise of this state or the county.
4. Are not a legal debt of this state or of the county.
5. Are not enforceable against this state or that county out of any monies other than the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5353 - Bonds; legal investments

48-5353.
Bonds;  legal investments
Bonds issued under this article are made securities:
1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them:
(a) Public officers and bodies of this state.
(b) Municipalities and political subdivisions of this state.
(c) Insurance companies and associations and other persons carrying on an insurance business.
(d) Banks,  bankers,  trust companies,  savings banks and savings associations,  including savings and loan associations,  building and loan associations,  investment companies and other persons carrying on a banking business.
(e) Administrators,  guardians,  executors,  trustees and other fiduciaries.
(f) Other persons authorized to invest in bonds or other obligations of this state.
2. That may be deposited with and may be received by all public officers and bodies of this state and all municipalities and political subdivisions of this state for any purpose for which the deposit of bonds or other obligations of this state is authorized.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5501 - Definitions

48-5501.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Freestanding urgent care center" :
(a) Means an outpatient treatment center that,  regardless of its posted or advertised name,  meets any of the following requirements:
(i) Is open twenty-four hours a day,  excluding at its option weekends or certain holidays,  but is not licensed as a hospital.
(ii) Claims to provide unscheduled medical services that are not otherwise routinely available in primary care physician offices.
(iii) By its posted or advertised name,  gives the impression to the public that it provides medical care for urgent,  immediate or emergency conditions.
(iv) Routinely provides ongoing unscheduled medical services for more than eight consecutive hours for an individual patient.
(b) Does not include the following:
(i) A medical facility that is licensed under a hospital's license and that uses the hospital's medical provider number.
(ii) A qualifying community health center pursuant to section 36-2907.06.
(iii) Any other health care institution that is licensed pursuant to this chapter.
(iv) A physician's office that offers extended hours or same day appointments to existing and new patients and that does not meet the requirements of subdivision (a),  item (i),  (iii) or (iv). For the purposes of this item,  " physician"  means a person licensed pursuant to title 32,  chapter 13 or 17.
2. " Home health agency"  has the same meaning prescribed in section 36-151.
3. " Medical clinic"  means a facility that provides for physical evaluation,  diagnosis and treatment of patients and that does not keep patients overnight as bed patients or treat patients under general anesthesia.
4. " Medically underserved"  means populations that exhibit one or more of the following indicators:
(a) Limitations on the availability of primary care providers,  prenatal care or other health care services.
(b) Residence in a health professional shortage area as defined in 42 Code of Federal Regulations part 5.
(c) A standard of living at or below a designated federal poverty level.
(d) Other factors indicative of being medically underserved,  including levels of unemployment,  incidence of infant mortality or low birth weights and the elderly.
5. " Nursing care institution"  has the same meaning prescribed in section 36-401.
6. " Qualified electors"  means persons who are qualified to vote pursuant to title 16.
7. " Special payments"  means any payments made pursuant to section 36-2903.01,  subsection O to or on behalf of a county operated hospital,  including a hospital that is owned or leased by a special health care district.
2023 Arizona Revised Statutes › Title 48 - Special Taxing Districts › § 48-5502 - Board of directors; elections; officers

48-5502.
Board of directors;  elections;  officers
A. The board of directors of a special health care district organized under this chapter shall consist of five citizens who are resident real property owners in the district and who are qualified electors in the district,  and none of whom is an elective or appointive state or county official.
B. The county board of supervisors may divide the district into five directorship districts,  numbered respectively as districts one,  two,  three,  four and five. The board of supervisors shall define the boundaries and limits of each directorship district and shall make each district equal or as nearly equal in population as is practicable.
C. The board of directors is a body corporate,  under the name " board of directors for ________ special health care district"  with the district's name inserted.