35-701. Definitions In this chapter, unless the context otherwise requires: 1. " Corporation" means any corporation organized as an authority as provided in this chapter. 2. " Governing body" means: (a) The board or body in which the general legislative powers of the municipality or the county are vested. (b) The Arizona board of regents […]
35-702. Proceedings to incorporate industrial development authority A. Whenever any number of natural persons, not less than three, each of whom is a qualified elector of the municipality or the county or, in the case of a corporation to be formed with the permission of the Arizona finance authority or the Arizona board of regents, […]
35-703. Articles of incorporation of industrial development authority In addition to the requirements of title 10, the articles of incorporation shall set forth: 1. The names and residences of the applicants, together with a recital that each of them is a qualified elector of the municipality or the county or, in the case of a […]
35-704. Amendment to articles The articles of incorporation may at any time and from time to time be amended to make any changes therein and add any provisions thereto which might have been included in the certificate of incorporation in the first instance, provided that the members of the board of directors of the authority […]
35-705. Board of directors The authority shall have a board of directors in which all powers of the authority shall be vested and that shall consist of any number of directors, not less than three nor more than nine, all of whom shall be duly qualified electors of the municipality or county with respect to […]
35-706. Corporate powers A. In addition to the powers granted to an industrial development authority by law, the authority has the following powers, together with all powers incidental or necessary for the performance of those powers: 1. To acquire, whether by purchase, exchange, gift, lease or otherwise establish, construct, improve, maintain, equip and furnish one […]
35-707. Assumption of mortgage loans Notwithstanding the provisions of any other law, a corporation may prohibit the assumption of any single family mortgage loan purchased by it in accordance with the provisions of section 35-706 and require prepayment of the loan if the person proposing to assume the loan or the single family dwelling unit […]
35-708. Financing certain owner-occupied single family dwellings; exception A. For purposes of section 35-701, paragraph 6, in areas other than a slum or blighted area, the authority undertaking the bond issue shall set aside for sixty days thirty percent of the mortgages for owner-occupied single family dwelling units for persons and families whose income is […]
