Arizona Revised Statutes § 48-6673 Authorization Of Bonds

48-6673. Authorization of bonds

(Conditionally Rpld. Delayed Rpld.)

A. Subject to subsections F and G of this section, the district may issue bonds pursuant to this article in a principal amount that is necessary to:

1. Provide sufficient monies for any regional attraction venue purposes, except that not more than one-fourth of the capital facilities that are financed with bond proceeds, measured by square footage, may be used for retail sales of tangible personal property. For the purposes of this paragraph, " retail sales" means the sale of tangible personal property to an ultimate consumer as provided by section 42-5061. Retail sales do not include:

(a) Sales of food and beverages for consumption on the premises of the venue.

(b) The distribution without charge of promotional products that display logos or trademarks used at the venue.

(c) Sales solely to employees of the regional attraction venue.

2. Establish and fully or partially fund any required reserves or sinking accounts.

3. Issue refunding bonds to refund bonds issued by the district if the board considers refunding to be expedient. The board may provide for investing and holding the proceeds of the refunding bonds in trust for the benefit of the holders of the bonds being refunded.

B. Bonds issued by all districts established pursuant to this article shall not exceed a cumulative outstanding principal amount of seven hundred fifty million dollars, except for refunding bonds and other bonds issued to refund outstanding bonds of the district.

C. The board shall authorize the bonds by resolution. The resolution shall prescribe:

1. The district's revenue sources that are pledged and dedicated to secure the bonds.

2. The rate or rates of interest, which may be fixed or variable, the date or dates on which interest is payable and the denominations of the bonds.

3. The date or dates of the bonds and maturity, which shall be within thirty years after the date of issuance.

4. The manner of executing the bonds.

5. The medium and place of payment.

6. The terms of redemption, which may provide for a premium for early redemption.

D. All bonds issued by the district, including any refunding bonds or other refinancing obligations of the district, must mature and be payable within four hundred eighty months after the date of the initial issue of bonds under this article.

E. Any publicly offered bonds must be fully insured or guaranteed as to timely payment of principal and interest by a financial institution rated " AA" or better by a nationally recognized rating agency.

F. The board shall not issue bonds under this article unless it receives legally enforceable financial participation commitments from private nongovernmental entities for regional attraction venue purposes in the amount of at least one hundred million dollars. Repayment of the private financial participation received under this subsection is not a regional attraction venue purpose for which bond revenues may be expended. Bond revenues shall not be used directly or indirectly to repay or otherwise refund in any manner private financial participation amounts received by the district under this subsection.

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Last modified: October 13, 2016