The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
17-290 - Designation of fiscal agent and trustees; monies of the authority; fees
17-290. Designation of fiscal agent and trustees; monies of the authority; fees
A. The commission shall designate a fiscal agent to receive and administer on behalf of the commission all monies to be paid into the conservation development fund, trustees to receive and administer on behalf of the commission all monies to be paid into the bond proceeds funds, a trustee to receive and administer on behalf of the commission all monies to be paid into the funds and accounts established by resolutions and a fiscal agent to receive and administer on behalf of the commission all monies to be paid into the capital improvement fund.
B. The designations in subsection A shall be made from banks or trust companies authorized to do business in this state. A single bank or trust company may act in more than one of the capacities described in this section.
C. Monies derived from the sale of bonds or pledged to the payment of these bonds shall not be paid into the state treasury but shall be deposited by the commission's treasurer or other fiscal officer, fiscal agent or trustee designated pursuant to this section in a separate bank account designated by the commission. All deposits of these monies shall be secured by obligations of the United States of America, of a market value equal at all times to the amount of the deposit, and all banks and trust companies may give such security. The monies shall be held for and on behalf of the commission and the holders of any bonds. These monies shall be disbursed as directed by the commission and according to the terms of any agreements with the holder of any bonds. This section shall not be construed as limiting the power of the commission to agree in connection with the issuance of any of its bonds as to the custody and disposition of the monies received from the sale of the bonds or the income and revenue pledged and assigned to or interest for the benefit of the holder of the bonds.
D. The fees and expenses of the fiscal agent and trustees designated pursuant to this section shall be paid from the conservation development fund or the bond proceeds fund as directed by the commission.