17-248. Certification of installment purchase agreements by the attorney general

304 words·~1 min read·/az/title-17/17-248

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A. The commission shall submit to the attorney general any initial installment purchase agreement after all actions for the authorization of the installment purchase agreement have been taken by the commission and the department. The attorney general shall examine into and pass upon the validity of the initial installment purchase agreement submitted and the regularity of all proceedings in connection with the installment purchase agreement. If the attorney general determines that the proceedings conform to the provisions of this article and that the installment purchase agreement, when executed and delivered, will constitute a binding and legal obligation of the commission according to its terms and subject to the limitations of section 17-247, paragraph 11, the attorney general shall certify on the installment purchase agreement that it is issued in accordance with the constitution and laws of this state.

B. The commission may submit to the attorney general any subsequent installment purchase agreement after all actions for the authorization of the installment purchase agreement have been taken by the commission and the department if the terms of the installment purchase agreement are substantially the same as the terms of the initial installment purchase agreement reviewed pursuant to subsection A of this section. The attorney general shall examine into and pass on the validity of any installment purchase agreement submitted and the regularity of all proceedings in connection with the installment purchase agreement.

If the attorney general determines that the proceedings conform to the provisions of this article and that the installment purchase agreement, when executed and delivered, will constitute a binding and legal obligation of the commission according to its terms and subject to the limitations of section 17-247, paragraph 11, the attorney general shall certify on the installment purchase agreement that it is issued in accordance with the constitution and laws of this state.