Arizona Revised Statutes § 48-183 Use Of Proceeds Of Loan And Grant; Limitation

48-183. Use of proceeds of loan and grant; limitation

Notwithstanding the provisions of any general, special or local law, the proceeds of any loan, grant or purchase of bonds shall be used only for the purposes authorized by the contract or agreement or approved by the federal government. If so authorized or approved the following items of cost shall be payable from any funds made available to a district through a loan or grant, or from any sale or exchange of bonds authorized by a contract or agreement made pursuant to this article:

1. Engineering, inspection, accounting and legal costs and expenses in connection with the preparation or performance of any contract or agreement authorized by this article.

2. The cost of issuance of any bonds authorized by this article, including printing, advertising, accounting, legal and other similar expenses in connection therewith.

3. Insurance premiums, compensation insurance, contractors' bonds and all other proper items of expense incurred during the period while any work provided for by the contract or agreement is under construction, and interest on money borrowed during such period and an additional period of not exceeding six months after completion.

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Last modified: October 13, 2016