40-1131. Bonds A. For the purpose of acquiring, improving, enlarging or extending a transit system, the authority may issue self-liquidating revenue bonds. Bonds issued under this article shall be authorized by resolution of the board and may be issued in one or more series and shall bear the date of their issuance, mature at such […]
40-1132. Power to secure bonds; reimbursement for advance A. The board, in connection with the issuance of bonds and in order to secure the payment of the bonds and the interest thereon, shall have power by resolution: 1. To fix and maintain fees and other charges on equipment and facilities of or operated on behalf […]
40-1133. Provision of bond resolution; covenants A. A resolution pertaining to issuance of bonds under this article may contain covenants as to: 1. The purpose to which the proceeds of sale of the bonds may be applied and to the use and disposition thereof. 2. The use and disposition of the revenues of the project […]
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 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 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 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 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 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 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 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 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 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 […]
40-1144. Claims against the authority Every claim against an authority for damages or injuries alleged to have been caused by the negligent act or omission of the authority shall be presented to the board in writing within fifteen days after the happening of such injury, or damage, signed by the claimant or some person duly […]
40-1146. Certification of bonds and approval of contracts by attorney general A. The board may submit to the attorney general of this state any bonds to be issued under this article after all proceedings for the authorization of such bonds have been taken. Upon the submission of such proceedings to the attorney general, the attorney […]
40-1147. Supplemental law The powers conferred by articles 2, 3 and 4 of this chapter shall be in addition to and supplemental to the powers conferred by any other law, general or special. Articles 2, 3 and 4 of this chapter shall, without reference to any other provision in this title, or to any other […]
