§ 35-742 – Municipality or county not liable
35-742. Municipality or county not liable The municipality or the county shall not in any event be liable for the payment of the principal of or interest on any bonds of the corporation, formed thereby or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by […]
§ 35-706 – Corporate powers
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 […]
§ 35-743 – Liability insurance
35-743. Liability insurance Notwithstanding any other provision of law, the municipality or county in which an industrial development authority corporation has been organized may expend public monies to procure liability insurance covering the corporation and its board directors, members, officers, agents and employees, or may include the corporation and its board directors, members, officers, agents […]
§ 35-707 – Assumption of mortgage loans
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 […]
§ 35-751 – Earnings of the corporation and exemption from restrictions
35-751. Earnings of the corporation and exemption from restrictions A. The corporation shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation. B. A project shall be exempt from any requirement of competitive bidding or other […]
§ 35-708 – Financing certain owner-occupied single family dwellings; exception
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 […]
§ 35-721 – Bonds of the corporation
35-721. Bonds of the corporation A. All principal and interest of bonds issued by the corporation shall be payable solely out of the revenues, proceeds and receipts derived from the corporation’s sale of property, loan repayments or lease rentals, or out of the proceeds of bonds issued hereunder, or of any revenues, proceeds and receipts […]
§ 35-722 – Approval by elected official if required by federal law
35-722. Approval by elected official if required by federal law The governor or the attorney general, or the state treasurer if designated by the governor, may approve the issuance of any bonds issued by a corporation formed with the permission of the Arizona finance authority or the Arizona board of regents for purposes of complying […]
§ 35-723 – Prohibition on state debt
35-723. Prohibition on state debt This chapter shall not be construed to authorize the incurrence of a debt by this state within the meaning of any constitutional provision or to permit the pledging of student fees, charges or tuition to the payment of any bonds issued pursuant to this chapter.
§ 35-724 – Security for bonds
35-724. Security for bonds The principal of and interest on any bonds issued by the corporation shall be secured by a pledge of the revenues, proceeds and receipts or any portion thereof out of which the principal and interest are made payable, and may be secured by a mortgage covering all or any part of […]