5-837. Cactus league promotion account
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/az/title-5/5-837A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The authority shall maintain a cactus league promotion account consisting of monies transmitted to the account pursuant to section 5-835.
B. The authority shall use monies in the account for purposes of section 5-808.
C. The authority may pledge all or part of the revenues and other monies received by the authority to secure bonds or other debt obligations issued by the authority for the purposes of providing monies for expenditure under this section. As nearly as practicable, the bonds issued pursuant to this subsection shall be authorized and issued in a manner consistent with article 3 of this chapter, except that the proceeds of the bonds shall be spent pursuant to this section. The pledge securing bonds issued pursuant to this section is subordinate to the pledge securing bonds or other debt obligations issued pursuant to article 3 of this chapter and, except for monies already in the cactus league promotion account, to the distribution of monies pursuant to section 5-835, subsection B, paragraph 2.