28-8521. Joint powers airport authority; agreement; board of directors A. In connection with the closing of a military facility after 1990, two or more cities, towns, Indian tribes or counties may enter into an agreement to establish a joint powers airport authority. A board of directors shall operate and govern the airport authority. The board […]
28-8522. Joint powers airport authority classification On its formation, the joint powers airport authority is all of the following: 1. A special purpose district for purposes of article IX, section 19, Constitution of Arizona. 2. A tax levying public improvement district for the purposes of article XIII, section 7, Constitution of Arizona. 3. A municipal […]
28-8523. Annual operating budget A. Before June 1 or at an earlier time as may be specified in the agreement described in section 28-8521, the joint powers airport authority’s board of directors shall recommend to the members of the airport authority an annual operating budget for the airport authority for the next fiscal year. Before […]
28-8524. Allocation of monies; sources; public hearing; reuse, development and capital improvement plans A. Each member of the joint powers airport authority and any new member shall make a pro rata allocation of monies, as specified in the agreement described in section 28-8521, to the airport authority’s operating budget from one or any combination of […]
28-8525. Joint powers airport authority; withdrawal A. If written notice to the members of the joint powers airport authority is given at least thirty days before an operating budget must be adopted, any member of the airport authority may withdraw from membership in the airport authority both: 1. For any reason specified in the agreement […]
28-8526. Joint powers airport authority; admission A. On written request to the current members of the joint powers airport authority and on the approval, in the manner specified in the agreement described in section 28-8521, of the current members of the joint powers airport authority before the adoption of the airport authority’s operating budget for […]
28-8527. Joint powers airport authority; powers Acting through its board of directors, the joint powers airport authority may: 1. Own and operate property and facilities related to aviation, air navigation and aerospace. 2. Own property and facilities that are not related to aviation, air navigation and aerospace. 3. Enter into contracts, leases and development agreements, […]
28-8529. Financing authority The joint powers airport authority may finance the acquisition, construction, improvement or furnishing of any real or personal property or interests in property or services from any source, including without limitation the proceeds from the issuance of revenue bonds in the manner described in this article or from the proceeds of other […]
28-8530. Revenue bonds; fees and charges A. The board of directors of the joint powers airport authority may pass a resolution to issue and sell airport authority revenue bonds. B. If the revenue bonds are to be sold in a public offering, bonds may not be issued by the airport authority unless the bonds receive […]
28-8531. Refunding bonds The joint powers airport authority may issue and sell refunding bonds to refund any airport authority revenue bonds.
28-8532. Bond terms A. With respect to bonds issued pursuant to this article, the board of directors of the joint powers airport authority shall: 1. Prescribe the denominations of the bonds, the size of each issue and the form of the bonds. 2. Establish the maturities, interest payment dates and interest rates, whether fixed or […]
28-8533. Bond validity A. A bond that is issued pursuant to this article and that bears the signature of officers in office on the date the bond is signed is a valid and binding obligation, notwithstanding that before delivery of the bond, any of the persons whose signatures appear on the bond have ceased to […]
28-8534. Bonds; legal investments Bonds and refunding bonds issued pursuant to this article are: 1. Securities in which all of the following may properly and legally invest: (a) Public officers and bodies of this state and of political subdivisions of this state. (b) Companies, associations and other persons carrying on an insurance business. (c) Financial […]
28-8535. Federal income tax considerations The joint powers airport authority may make any covenant, order any rebate, file any tax return, report any information and order the limitation on the yield of any investment made with the proceeds from the sale of its bonds or with taxes, revenues or other income pledged, held in trust […]
28-8536. Bond proceeds; application The joint powers airport authority may apply the proceeds from the sale of its bonds to further any of its lawful purposes, including to pay: 1. Costs and estimated costs of the issuance of the bonds. 2. Costs of feasibility studies. 3. Engineering, inspection, fiscal and legal expenses. 4. Costs of […]
