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.
9-532 - Utility receipts and bond proceeds; handling and disposition
9-532. Utility receipts and bond proceeds; handling and disposition
A. All proceeds received from sale of the bonds, all fees, rents, tolls or other charges received by the municipality from a utility undertaking financed by the bonds, and all monies received from any source in connection therewith shall be paid to the finance officer of the municipality designated by the governing body thereof for such purposes. The finance officer shall not commingle any money received under the terms of this article with any other monies, but the monies received shall be deposited in a separate bank account in the name of the municipality.
B. The governing body may by resolution provide that all deposits of such proceeds, fees, rents, tolls or other charges, and the monies received under the terms of this article shall be secured by obligations of the United States or of this state of a market value equal at all times to the amount of the deposits provided by this article, and all banks and trust companies are authorized to give such security for the deposits.