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. The authority is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed for these purposes or on the agreements of the authority pertaining to maintaining and operating water-related facilities or in the revenues derived from the water-related facilities.
B. The long-term water augmentation bonds issued under this chapter, their transfer and the income the bonds produce are at all times exempt from taxation by this state or by any political subdivision of this state.
C. The authority is authorized under this chapter and under title 35, chapter 3, article 7 to take all actions determined necessary by the board to comply with federal income tax laws, including the payment of rebates to the United States treasury.