Arizona Laws 41-5783. School improvement revenue bond proceeds fund; use for school improvements
Current as of: 2024 | Check for updates
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A. If the board issues revenue bonds under this article, the board shall establish a school improvement revenue bond proceeds fund consisting of the net proceeds received from the sale of the bonds.
Terms Used In Arizona Laws 41-5783
- Board: means the school facilities oversight board. See Arizona Laws 41-5701
- Trustee: A person or institution holding and administering property in trust.
B. The board may use monies in the school improvement revenue bond proceeds fund only for the purposes provided in section 41-5781, subsection A. Monies in the school improvement revenue bond proceeds fund are exempt from lapsing under section 35-190.
C. The state treasurer or bond trustee shall administer and account for the school improvement revenue bond proceeds fund.