Arizona Revised Statutes § 41-4510 Monies From Bond Sales; Use; Acquisition Of Projects

41-4510. Monies from bond sales; use; acquisition of projects

A. The board shall deposit proceeds derived from the sale of bonds under this chapter in separate bank accounts in banks or trust companies that are members of the federal deposit insurance corporation and as may be designated by the board. If required by the board, these deposits shall be secured by obligations issued or guaranteed by the United States of a market value equal at all times to the amount of the deposit. All banks and trust companies are authorized to give this security. In the alternative, proceeds from the sale of bonds may be invested and reinvested by the board in obligations issued or guaranteed by the United States. These monies shall be considered as held for and on behalf of the authority.

B. Except for monies allocated for payments of costs or for capitalized reserve, all monies of the authority derived from the sale of bonds shall be used to acquire or operate the projects of the authority and shall be disbursed as directed by the board and pursuant to the terms of any agreements for the benefit of the bondholders.

C. This section does not limit the power of the board to agree in connection with the issuance of the bonds as to the custody and disposition of monies received from the sale of the bonds or the income and revenue pledged and assigned to or in trust for the benefit of the bondholders.

Section: Previous  41-4503  41-4504  41-4505  41-4506  41-4507  41-4508  41-4509  41-4510  41-4511  41-4601  41-4602  41-4603  41-4604  41-4701  41-4801  Next

Last modified: October 13, 2016