Arizona Laws 48-5562. Disposition and use of rental receipts from facilities and equipment
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Rental revenues, if any, received from the lease of a hospital, freestanding urgent care center, medical clinic or nursing care institution and their equipment shall be applied first against expenses of the district, other than for principal and interest on bonds of the district, and secondly to the payment of principal and interest on issued and outstanding bonds.
Terms Used In Arizona Laws 48-5562
- 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
- Medical clinic: means a facility that provides for physical evaluation, diagnosis and treatment of patients and that does not keep patients overnight as bed patients or treat patients under general anesthesia. See Arizona Laws 48-5501