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. At any time after the hearing on formation of the district, the district board may hold a hearing on the question of authorizing the district board to issue revenue bonds of the district to provide monies for any public infrastructure purposes consistent with the general plan.
B. If revenue bonds are approved by resolution, the district board may issue and sell revenue bonds of the district.
C. The district board may pledge to the payment of its revenue bonds any revenues of the district or revenues to be collected by the municipality or county in trust for the district and returned to the district.
D. The district shall prescribe fees and charges, and shall revise them when necessary, to generate revenue sufficient, together with any monies from the sources described in section 48-717, to pay when due the principal and interest of all revenue bonds for the payment of which revenue has been pledged. The establishment or revision of any rates, fees and charges shall be identified and noticed concurrently with the annual budget process of the district pursuant to section 48-716.
E. If, in the resolution of the district board, the revenues to be pledged were limited to certain types of revenues, only those types of revenues may be pledged and only those revenues must be maintained.
F. No holder of revenue bonds issued under this article may compel any exercise of the taxing power of the district, municipality or county to pay the bonds or the interest on the bonds. Revenue bonds issued under this article are not a debt of the district, municipality or county, nor is the payment of revenue bonds enforceable out of any monies other than the revenue pledged to the payment of the bonds.
G. The district may issue and sell refunding bonds to refund any revenue bonds of the district.