41-5851. Definitions In this article, unless the context otherwise requires: 1. " Achievement district school" means a public school or a charter school that has qualified as an achievement district school pursuant to article 10 of this chapter and that has submitted an application with the board pursuant to this article to obtain guaranteed financing. […]
41-5852. Credit enhancement eligibility board; members A. The credit enhancement eligibility board is established consisting of the following members: 1. The governor or the governor’s designee. 2. The state treasurer or the treasurer’s designee. 3. The director of the department of administration or the director’s designee. B. Members of the board are not eligible to […]
41-5853. Powers and duties of the board A. The board is a body corporate and politic and may have an official seal that is judicially noticed. B. The board may: 1. Sue and be sued in its own name. 2. Contract and enter into agreements as necessary to carry out its responsibilities under this article. […]
41-5854. Arizona public school credit enhancement fund; purposes; exemption A. The Arizona public school credit enhancement fund is established consisting of: 1. Payments of program participation fees paid by schools that have participated in guaranteed financings pursuant to section 41-5855. 2. Repayments of monies of the fund that are used to make payments of principal […]
41-5855. Arizona public school credit enhancement program; eligibility; approval of financing; participation fee A. The Arizona public school credit enhancement program is established to assist achievement district schools in obtaining more favorable financing by guaranteeing the payment of principal and interest on guaranteed financings issued by or on behalf of achievement district schools. B. To […]
41-5856. Payment of program guarantees; notification requirements; repayment A. On any draw from the debt service reserve fund to pay principal or interest on a guaranteed financing, the bank trustee, paying agent or other fiduciary for the guaranteed financing shall deliver written notice of the draw to the board and to the state treasurer within […]
41-5857. Program funding obligations; immunity A. The board may deliver nonnegotiable program funding obligations in one or more series in an aggregate principal amount of not more than $80, 000, 000. B. The board shall sell any program funding obligations prescribed in subsection A of this section to the state treasurer, and the state treasurer […]
41-5858. Quarterly reports Within thirty days after the last day of each calendar quarter, the division staff, in collaboration with the board, shall submit to the speaker of the house of representatives, the president of the senate, the director of the joint legislative budget committee and the director of the governor’s office of strategic planning […]
