3-1009. Power to secure bonds

235 words·~1 min read·/az/title-3/3-1009

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

The Arizona exposition and state fair board, in connection with the issuance of bonds and in order to secure the payment of the bonds and the interest thereon, shall have power by resolution:

1. To fix and maintain fees, rentals and other charges of stalls, pens, stables and rental of other buildings as may be on the fair grounds; provided, however, that no fee shall be charged for exhibits during the state fair of agricultural, dairy, horticultural, culinary, apiary and handwork products of exhibitors at the state fair, unless the same be for sale.

2. To provide that the bonds issued hereunder may be secured by a first, exclusive and closed lien on the income and revenues derived from, and shall be payable from, fees, rentals and other charges as set out in the preceding paragraph.

3. To covenant with or for the benefit of the holder or holders of bonds issued hereunder, that so long as any of the bonds remain outstanding and unpaid, the Arizona exposition and state fair board will prescribe service charges, fees and rentals, and will revise the same when necessary so that the project for which the bonds are issued shall always remain self-supporting, with revenues sufficient:

(a)To pay when due all bonds and interest thereon.

(b)To provide for all expenses of operation, maintenance, expansion and replacement of facilities.

(c)To provide reasonable reserves for such purposes.