Arizona Laws 41-5751. Authorization of state school facilities revenue bonds
A. The board may issue negotiable revenue bonds pursuant to this article. If authorized by the legislature, bonds may be issued under this article in a principal amount not exceeding $200,000,000 in a fiscal year to:
Terms Used In Arizona Laws 41-5751
- Board: means the school facilities oversight board. See Arizona Laws 41-5701
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
1. Provide monies to pay the cost of:
(a) Acquiring real property and constructing new school facilities as provided by section 41-5741.
(b) Bond related expenses including any expenses incurred by the board to issue and administer its bonds including underwriting fees and costs, trustee fees, financial consultant fees, printing and advertising costs, paying agent fees, transfer agent fees, legal, accounting, feasibility consultant and other professional fees and expenses, bond insurance or other credit enhancements or liquidity facilities, attorney and accounting fees and expenses related to credit enhancement, bond insurance or liquidity enhancement, remarketing fees, rating agency fees and costs, travel and telephone expenses and all other fees considered necessary by the board in order to market and administer the bonds.
2. Fully or partially fund any reserves or sinking accounts established by the bond resolution.
B. The board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The fixed or variable rate or rates of interest, the date or dates on which interest is payable and the denominations of the bonds.
2. The date or dates of the bonds and maturity, within ten years after the date of issuance.
3. The form of the bonds.
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.
C. The bonds issued pursuant to this article shall be known as state school facilities revenue bonds.