Arizona Laws 9-513. Lease of privately owned utility
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A. When it is impracticable to issue bonds as provided by section 9-512 for an improvement or enterprise deemed necessary for the public welfare, the municipal corporation may lease at a stipulated rental a public improvement or utility.
Terms Used In Arizona Laws 9-513
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
B. The rental contract shall reserve to the municipal corporation the option to purchase the improvement or utility in the future.