§ 40-1134 – Validity of bonds
40-1134. Validity of bonds A. Bonds issued under this article and bearing the signatures of officers in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon have ceased to be officers […]
§ 40-1135 – Prior lien of bonds
40-1135. Prior lien of bonds A. Except as otherwise provided in the resolution authorizing the bonds, all bonds of the same issue under this article shall have a prior and paramount lien on the revenues of the authority and its equipment and facilities for which the bonds have been issued over and ahead of bonds […]
§ 40-1136 – Bond obligations of the metropolitan public transit authority
40-1136. Bond obligations of the metropolitan public transit authority All bonds issued pursuant to this article shall be obligations of the authority issuing such bonds, and payable only in accordance with the terms thereof and shall not be obligations general, special or otherwise of the state of Arizona or any county or municipality thereof. Such […]
§ 40-1137 – Bonds as legal investments
40-1137. Bonds as legal investments Bonds issued under the provisions of this article are made securities in which all public officers and bodies of the state and all municipalities and political subdivisions of this state, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks […]
§ 40-1138 – Limitation on indebtedness
40-1138. Limitation on indebtedness An authority shall not incur an indebtedness which exceeds one million dollars. As used in this section, " indebtedness" includes, without limitation, any and all forms thereof which an authority is authorized to incur by this article or by any other law.
§ 40-1139 – Annual financial statement of authority; estimate of expenses; notice of hearing on estimate
40-1139. Annual financial statement of authority; estimate of expenses; notice of hearing on estimate A. The board of directors of each metropolitan public transit authority, on or before the third Monday in July each year, shall prepare a full and complete statement of the financial affairs for the preceding fiscal year and an estimate of […]
§ 40-1140 – Hearing on estimates; adoption of proposed budget
40-1140. Hearing on estimates; adoption of proposed budget A. The board of directors of each metropolitan public transit authority shall meet on the day designated in the notice provided by subsection D of section 40-1139, and any taxpayer may appear and be heard in favor of or against any proposed expenditure or tax levy. B. […]
§ 40-1141 – Metropolitan public transit authority levy
40-1141. Metropolitan public transit authority levy The board of supervisors of each county where a metropolitan public transit authority has been established shall annually, at the time of levying other taxes, levy a metropolitan public transit authority tax on the property in the area of a public transit authority in which an additional amount is […]
§ 40-1142 – Investment of funds by board
40-1142. Investment of funds by board The board may, by resolution, order that any of the monies in the funds under its control which are not necessary for current operating expenses be invested in any obligation, bonds or securities in which a city or county could invest such funds, provided that: 1. Any such investment […]
§ 40-1143 – Bids required by board; exception
40-1143. Bids required by board; exception The purchase of all supplies, equipment and materials, and construction facilities and works, when the expenditure required exceeds two thousand five hundred dollars shall be by contract let to the lowest responsible bidder. Notice requesting bids shall be published in a newspaper of general circulation in the area at […]