Arizona Laws 49-1269. Short-term emergency loan agreements; conditions
A. The authority, through its board, may enter into short-term emergency loan agreements with political subdivisions or Indian tribes under the following conditions:
Terms Used In Arizona Laws 49-1269
- Authority: means the water infrastructure finance authority of Arizona. See Arizona Laws 49-1201
- Board: means the water infrastructure finance authority board established by section 49-1206. See Arizona Laws 49-1201
- Indian tribe: means any Indian tribe, band, group or community that is recognized by the United States secretary of the interior and that exercises governmental authority within the limits of any Indian reservation under the jurisdiction of the United States government, notwithstanding the issuance of any patent and including rights-of-way running through the reservation. See Arizona Laws 49-1201
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Political subdivision: means a county, city, town or special taxing district authorized by law to construct wastewater treatment facilities, drinking water facilities or nonpoint source projects. See Arizona Laws 49-1201
- Statute: A law passed by a legislature.
1. The term of the loan does not exceed one year.
2. The dollar amount of the loan does not exceed two hundred fifty thousand dollars for each borrower for each emergency event.
3. The purpose of the loan is to provide assistance for designing, redesigning, engineering, reengineering, constructing or reconstructing water or wastewater systems that have failed as the result of a disaster, a natural disaster or a catastrophic event.
4. The disaster, natural disaster or catastrophic event is memorialized in a declaration of emergency by the governor or the federal emergency management agency.
B. Subject to board approval, for any loan made pursuant to this section, the authority shall execute appropriate and binding legal agreements with the borrower that require repayment of monies from eligible sources of repayment. Notwithstanding any other statute, a loan may be made and an obligation to repay may be incurred pursuant to this section without a vote of the electors of the political subdivision or Indian tribe.