Arizona Laws 41-5802. Authorization of school district impact aid revenue bonds
A. On voter approval pursuant to section 15-491, a school district governing board may issue negotiable impact aid revenue bonds pursuant to this article. Bonds may be issued under this article in a total aggregate amount not to exceed three times the average of the school district’s annual impact aid revenues for the five years immediately preceding the issuance of the bonds. The bond proceeds may be used to:
Terms Used In Arizona Laws 41-5802
- Board: means the school facilities oversight board. See Arizona Laws 41-5701
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- 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) Capital projects authorized under chapter 4, article 5 of this title.
(b) Bond related expenses including any expenses incurred by the school district 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 governing 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 governing board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The fixed or variable rate or rates of interest, payable semiannually, and the denominations of the bonds.
2. The date or dates of the bonds and maturity, within twenty 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 impact aid revenue bonds.
D. An accommodation school may issue impact aid revenue bonds only if the accommodation school is located on a military base.