Arizona Revised Statutes § 15-1686 Effect On Bonds Authorized But Unissued

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 sold and the land, project, buildings or facilities have not been fully acquired or constructed.

2. Due to the issuance of bonds authorized by this article, any revenues which otherwise would have been used to secure the unissued bonds, in whole or in part, have been applied to payment of bonds authorized by this article, then the board may issue the remaining bonds so authorized solely for the purposes of acquiring or constructing or completing the acquisition and construction of the projects heretofore authorized as parity bonds, notwithstanding the fact that the acts authorizing such additional bonds may limit the revenues available to be pledged for their repayment to specified revenues of the board.

Section: Previous  15-1682  15-1682.01  15-1682.02  15-1682.03  15-1683  15-1684  15-1685  15-1686  15-1687  15-1688  15-1689  15-1690  15-1691  15-1692  15-1693  Next

Last modified: October 13, 2016