5-836. Operating account

192 words·~1 min read·/az/title-5/5-836

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

A. The authority shall maintain an operating account consisting of monies transmitted to the account pursuant to sections 5-834 and 5-835.

B. The authority may spend monies in the operating account for costs incurred for any of the following purposes:

1. Operating, marketing, promoting, furnishing and equipping a multipurpose facility.

2. Paying all costs associated with the authority’s administrative duties as provided in sections 5-804 and 5-805.

3. Payment to the debt service account established by section 5-865 to be used for payment or early redemption of bonded indebtedness.

C. The authority shall establish in the operating account:

1. A reserve to meet future operating costs of the authority, including amounts that are sufficient to pay all costs associated with events held at the multipurpose facility.

2. A reserve for repair, replacement and removal costs associated with the multipurpose facility in an amount at least equal to twenty-five million dollars, adjusted for inflation each year after 2001.

D. This state is not liable or responsible for the operating costs of the authority, including the operating, marketing, promotion, furnishing, equipping, repair or replacement costs of any facility or project funded by the authority.