Arizona Laws 41-2255. Project application and prioritization
A. The authority shall:
Terms Used In Arizona Laws 41-2255
- Authority: means the greater Arizona development authority. See Arizona Laws 41-2251
- Board: means the board of directors of the Arizona finance authority established by chapter 53, article 2 of this title. See Arizona Laws 41-2251
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Financial assistance: means assistance provided by the authority to eligible political subdivisions, special districts and Indian tribes pursuant to section 41-2257. See Arizona Laws 41-2251
- 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 41-2251
- Infrastructure: means any land, building or other improvement and equipment or other personal property that will make up part of a facility that is located in this state for public use and that is owned by a political subdivision, special district or Indian tribe that retains ultimate responsibility for its operation and maintenance. See Arizona Laws 41-2251
- Loan: means bonds, leases, loans or other evidences of indebtedness. See Arizona Laws 41-2251
- Loan repayment agreement: means an agreement to repay a loan entered into by a political subdivision, special district or Indian tribe. See Arizona Laws 41-2251
- Political subdivision: means a county, city or town. See Arizona Laws 41-2251
- Short-term assistance: means assistance provided by the authority to political subdivisions, special districts and Indian tribes in connection with the financing of infrastructure. See Arizona Laws 41-2251
- Special district: means any of the following entities established pursuant to title 48:
(a) Municipal improvement district. See Arizona Laws 41-2251
- Technical assistance: means assistance provided pursuant to section 41-2256. See Arizona Laws 41-2251
1. Establish an application form for technical and financial assistance.
2. Establish a procedure to review and approve or disapprove on its merits each administratively complete application for technical and financial assistance.
3. Establish by rule criteria by which technical and financial assistance will be awarded. For financial assistance the criteria shall include a determination of the ability of the applicant to repay a loan according to its terms and other conditions established by this article.
4. Adopt rules to prioritize applications for technical and financial assistance.
5. Inform the applicant of the board‘s determination within ninety days after the application date established by the authority pursuant to paragraph 2 of this subsection.
B. The board shall:
1. Approve or disapprove applications for financial and technical assistance.
2. Determine the order and priority of projects assisted under this article based on the merits of the applications.
C. If the application is approved, the board may condition the approval on assurances the board deems necessary to ensure that the technical assistance or financial assistance will be used according to law and the terms of the application. The loan repayment agreement shall include any conditions concerning financial assistance deemed necessary by the board.
D. The authority shall only make financial assistance or short-term assistance available when the applicant is ready to proceed or, if the financial assistance is for refinancing outstanding bonds or other obligations, when the outstanding bonds or other obligations are to be refunded. The authority may provide technical assistance on an as needed basis. The authority may charge the applicant fees sufficient to cover the authority’s costs related to the project.
E. A political subdivision, a special district or an Indian tribe may apply to the authority for financial assistance and may accept assistance in connection with an infrastructure project owned by the political subdivision, special district or Indian tribe. The existence of a current investment grade rating on existing debt of the applicant that is secured by the same revenues to be pledged to secure repayment under the loan repayment agreement may be accepted by the board as evidence regarding the ability of the applicant to repay a loan.
F. The authority shall only make financial assistance available upon a determination of the ability of the applicant to repay the financial assistance according to its terms and conditions.
G. Applications for financial assistance shall:
1. Be solicited annually, semiannually, quarterly or monthly as determined by the authority pursuant to subsection A, paragraph 2.
2. Be administratively complete before being reviewed by the authority.
3. Include documentation concerning the ability of the applicant to repay the financial assistance according to its terms and conditions.
4. Include a resolution from the governing body of the political subdivision, special district or Indian tribe that the project is in the best interests of the residents.
H. Applications for technical assistance shall:
1. Be solicited annually or semiannually as determined by the authority pursuant to subsection A, paragraph 2, except that an application for short-term assistance may be solicited at those times as the authority determines.
2. Be administratively complete before being reviewed by the authority.
3. Include a resolution from the governing body of the political subdivision, special district or Indian tribe that the project is in the best interests of the residents.