Arizona Revised Statutes § 48-149 Covenants In Resolution

48-149. Covenants in resolution

A. Any resolution pertaining to the issuance of bonds under this article may contain covenants as to:

1. The purpose to which the proceeds of the sale of the bonds may be applied and to the use and disposition thereof.

2. The use and disposition of the revenue of the undertaking for which the bonds are to be issued.

3. The issuance of other or additional bonds payable from the revenue of the undertaking.

4. The operation and maintenance of the undertaking.

5. The insurance to be carried thereon and the use and disposition of insurance monies.

6. Books of account and the inspection and audit thereof.

7. The terms and conditions upon which the holders of the bonds, or any proportion of them or any trustee therefor, shall be entitled to the appointment of a receiver, who may enter and take possession of the undertaking, operate and maintain the same, prescribe charges, and collect, receive and apply all revenue thereafter arising therefrom in the same manner as the district itself might do.

B. The provisions of this article and any such resolution shall be deemed a contract with the holders of the bonds, and the duties of the district and of its board of directors and officers under this article and any such resolution shall be enforceable by mandamus or any appropriate action of a court of competent jurisdiction.

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Last modified: October 13, 2016