49-1271. Water supply development revolving fund A. The water supply development revolving fund is established consisting of all of the following: 1. Monies received from the issuance and sale of water supply development bonds under section 49-1278. 2. Monies appropriated by the legislature to the water supply development revolving fund. 3. Monies received for water […]
49-1272. Water supply development revolving fund; administration A. The board shall administer the water supply development revolving fund. B. On notice from the board, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund. C. Monies and other […]
49-1273. Water supply development revolving fund; purposes A. Monies in the water supply development revolving fund may be used for the following purposes: 1. Making loans to eligible entities in this state under section 49-1274 for water supply development projects within this state. A single loan shall not exceed $3, 000, 000. 2. Making grants […]
49-1274. Water supply development revolving fund financial assistance; procedures A. In compliance with any applicable requirements, an eligible entity may apply to the authority for and accept and incur indebtedness as a result of a loan or any other financial assistance from the water supply development revolving fund for water supply development projects in this […]
49-1275. Water supply development revolving fund; loans; terms A. A loan from the water supply development revolving fund shall be evidenced by bonds, if the eligible entity has bonding authority, or by a loan repayment agreement, delivered to and held by the authority. B. A loan under this section shall: 1. Be conditioned on establishing […]
49-1276. Enforcement; attorney general The attorney general may take actions necessary to enforce the loan contract and achieve repayment of loans provided by the authority pursuant to sections 49-1274 and 49-1275.
49-1277. Water supply development bonds A. The authority may issue negotiable water supply development bonds in a principal amount necessary to provide sufficient monies for those projects approved under this article and including such items as maintaining sufficient reserves to secure the bonds, to pay the necessary costs of issuing, selling and redeeming the bonds […]
49-1278. Water supply development bonds; purpose A. Water supply development bonds may be issued to provide financial assistance under this article and to increase the capitalization of the water supply development revolving fund to accomplish the purposes stated in section 49-1273. These bonds may be secured by any monies received or to be received in […]
49-1279. Bond obligations of the authority Bonds issued under this article are obligations of the water infrastructure finance authority of Arizona, are payable only according to their terms and are not general obligations, special obligations or otherwise of this state. The bonds do not constitute a legal debt of this state and are not enforceable […]
49-1280. Certification of bonds by attorney general The board may submit any water supply development bonds issued under this article to the attorney general after all proceedings for their authorization have been completed. On submission, the attorney general shall examine and pass on the validity of the bonds and the regularity of the proceedings. If […]
49-1281. Water supply development bonds as legal investments Water supply development bonds issued under this article are securities in which public officers and bodies of this state and of municipalities and political subdivisions of this state, all companies, associations and other persons carrying on an insurance business, all financial institutions, investment companies and other persons […]
49-1282. Agreement of state This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the rights vested in the water infrastructure finance authority of Arizona or any successor agency to collect the monies necessary to produce sufficient revenue to fulfill the terms of any agreements […]
