15-1681. Definitions In this article, unless the context otherwise requires: 1. " Acquire" includes to purchase, lease, lease-purchase, erect, build, construct, reconstruct, raze, remodel, repair, replace, alter, extend, expand, better, equip, furnish, develop, improve and embellish a project, and the acquisition, preparation and development of a site or sites therefor. 2. " Board" means the […]
15-1682. Powers The board shall have power for each institution, as defined in this article, to: 1. Acquire, if authorized by the legislature, any project or projects, or any combination thereof, and to secure indirect or third-party financing for or own, operate and maintain the same and establish, own, operate and maintain a system of […]
15-1682.01. Lease-purchase agreements A. Any lease-purchase agreement executed by the board relating to land acquisition, capital projects, energy systems or energy management systems shall provide that: 1. The obligation of this state to make any payment under the agreement is a current expense of the board and is not a general obligation indebtedness of this […]
15-1682.02. Indirect and third party financing; review; reporting A. The board may secure indirect or third party financing for any project if the following conditions are met: 1. The term of the indirect or third party financing does not exceed the earlier of forty years or the useful life of the capital improvements. 2. The […]
15-1682.03. University capital improvement lease-to-own and bond fund; lease-to-own and bond capital improvement agreements A. The university capital improvement lease-to-own and bond fund is established consisting of the monies provided by the Arizona board of regents pursuant to this section, monies deposited pursuant to section 5-572 and monies appropriated by the legislature. The board shall […]
15-1683. Issuance of bonds A. The board shall have power, and is hereby authorized from time to time, to issue bonds: 1. To acquire any one project, or more than one, or any combination thereof, for such institution, if both of the following conditions are met: (a) As of the date of issuance of bonds […]
15-1684. Refunding bonds The board shall have power, and is hereby authorized from time to time, to issue refunding bonds: 1. To refund unpaid matured bonds. 2. To refund unpaid matured coupons evidencing interest upon its unpaid matured bonds. 3. To refund interest at the coupon rate upon its unpaid matured bonds that has accrued […]
15-1685. Security of bonds In connection with the issuance of any bonds under this article, and in order to secure the payment of any such bonds and the interest thereon, the board shall have power for each institution: 1. To fix, maintain and collect: (a) Fees, tuitions, rentals and other charges from students, faculty, staff […]
15-1686. Effect on bonds authorized but unissued All acts granting authority to the board to construct or acquire any buildings, projects or facilities and to issue bonds therefor shall be kept in full force and effect but shall be supplemented by this enactment if both of the following occur: 1. Bonds remain authorized but not […]
15-1687. Enforcement of contract The provisions of this article and of any resolution or other proceeding authorizing the issuance of bonds shall constitute a contract with the holders of such bonds and the provisions thereof shall be enforceable either in law or in equity, by suit, action, mandamus or other proceeding in any court of […]
15-1688. Monies of the board No monies derived from the sale of bonds issued under the provisions of this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds shall be required to be paid into the state treasury but shall be invested in obligations […]
15-1689. Validity of bonds The bonds bearing the signatures of officers of the board 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 persons whose signatures appear thereon shall have ceased to be such officers. The validity […]
15-1690. Prohibitions against obligating state of Arizona Nothing in this article shall be construed to authorize the board to contract a debt on behalf of, or in any way to obligate, the state of Arizona, or to pledge, assign or encumber in any way, or to permit the pledging, assigning or encumbering in any way, […]
15-1691. Bonds; obligations of board All bonds issued pursuant to this article shall be obligations of the board issuing such bonds, payable only in accordance with the terms thereof, and shall not be obligations general, special or otherwise of the state of Arizona. Such bonds shall not constitute a debt, legal or moral, of the […]
15-1692. Certification of bonds by attorney general The board may submit to the attorney general of the state of Arizona any bonds to be issued hereunder after all proceedings for the issuance of such bonds have been taken. Upon the submission of such proceedings to the attorney general, it shall be the duty of the […]
15-1693. Bonds as legal investments The state and all counties, cities, towns and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations […]
15-1694. Excision of unconstitutional and ineffective parts of article It is hereby declared that the sections, clauses, sentences and parts of this article are severable, are not matters of mutual essential inducement and any of them may be excised by any court of competent jurisdiction if this article would otherwise be unconstitutional or ineffective. It […]
15-1695. Supplemental nature of article; construction and purpose The powers conferred by this article shall be in addition to and supplemental to the powers conferred by any other law, general or special, and bonds may be issued under this article notwithstanding the provisions of any other such law and without regard to the procedure required […]
15-1696. Commercial paper; requirements A. The board has the power and is hereby authorized to issue commercial paper from time to time to provide short-term financing for any capital project or costs and expenses related to a capital project of one or more institutions or to provide for payment of commercial paper or other obligations […]
