5-870. Use of surplus monies
101 words·~1 min read·
/az/title-5/5-870A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. If a balance remains in the bond proceeds subaccount after all acquisition, construction and related costs have been paid:
1. The board shall credit the balance to repay any other outstanding indebtedness of the authority.
2. If the authority has no outstanding indebtedness, the board shall credit the remaining balance to the authority’s operating account established by section 5-836.
B. If a balance remains in the debt service account after payment of all bonds, interest and other charges related to bonds issued under this article, the board shall credit the balance to the authority’s operating account established by section 5-836.