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.
DISCLAIMER
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.
A. A resolution pertaining to issuance of bonds under this article may contain covenants as to:
1. The purpose to which the proceeds of sale of the bonds may be applied and to the use and disposition thereof.
2. The use and disposition of the revenues of the project for which the bonds are to be issued.
3. The issuance of other or additional bonds, payable from the revenue received from the operation of the coliseum and exposition center and its facilities.
4. The operation and maintenance of the coliseum and exposition center and its facilities.
5. The insurance to be carried thereon and the use and disposition of insurance monies.
6. Books of account and the inspection and audit thereof.
7. The terms and conditions upon which the holders of the bonds, or any proportion of them, or a trustee therefor, shall be entitled to the appointment of a receiver, who may enter and take possession of the coliseum and exposition center and its facilities, operate and maintain it, prescribe charges, fees and rentals and collect, receive and apply all revenues therefrom thereafter arising in the same manner as the Arizona exposition and state fair board itself might do, until such time as the terms and conditions of the bonds are satisfied, at which time the receiver shall return possession of the coliseum and exposition center and its facilities to the Arizona exposition and state fair board.
B. The provisions of this article and any such resolution shall be deemed a contract with the holders of the bonds, and the duties of the Arizona exposition and state fair board under this article and resolution shall be enforceable by mandamus or other appropriate action in a court of competent jurisdiction.