5-862. Authorization of bonds
249 words·~1 min read·
/az/title-5/5-862A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The authority may issue negotiable bonds pursuant to this article in such principal amount as, in the opinion of the board, is necessary to:
1. Provide sufficient monies for any multipurpose facility purpose.
2. Pay necessary bond related expenses.
3. Establish and fully or partially fund any reserves or sinking accounts established by the bond resolution.
4. Issue refunding bonds if the board considers refunding to be expedient. The board may provide for investing and holding the proceeds of the refunding bonds in trust for the benefit of the holders of the bonds being refunded.
5. Refund any bonds issued by the authority if the bonds are secured from the same source of revenues as the bonds authorized in this article by issuing new bonds, whether the bonds to be refunded have or have not matured.
6. Issue bonds partly to refund outstanding bonds and partly for any multipurpose facility purpose consistent with this article.
B. The board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The authority’s revenue sources that are pledged and dedicated to secure the bonds.
2. The rate or rates of interest, which may be fixed or variable, the date or dates on which interest is payable and the denominations of the bonds.
3. The date or dates of the bonds and maturity.
4. The manner of executing the bonds.
5. The medium and place of payment.
6. The terms of redemption, which may provide for a premium for early redemption.