15-1686. Effect on bonds authorized but unissued

162 words·~1 min read·/az/title-15/15-1686

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

All acts granting authority to the board to construct or acquire any buildings, projects or facilities and to issue bonds therefor shall be kept in full force and effect but shall be supplemented by this enactment if both of the following occur:

1. Bonds remain authorized but not sold and the land, project, buildings or facilities have not been fully acquired or constructed.

2. Due to the issuance of bonds authorized by this article, any revenues which otherwise would have been used to secure the unissued bonds, in whole or in part, have been applied to payment of bonds authorized by this article, then the board may issue the remaining bonds so authorized solely for the purposes of acquiring or constructing or completing the acquisition and construction of the projects heretofore authorized as parity bonds, notwithstanding the fact that the acts authorizing such additional bonds may limit the revenues available to be pledged for their repayment to specified revenues of the board.