Arizona Laws 48-142. Powers of district
In the exercise of the powers granted the district by law, the district shall have the additional power:
Terms Used In Arizona Laws 48-142
- Board of directors: means the board having charge of the affairs of the district. See Arizona Laws 48-141
- District: means any irrigation or agricultural improvement district located in a federal reclamation project, organized pursuant to law. See Arizona Laws 48-141
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Undertaking: means the purchase, construction, leasing or acquisition of any real or personal property, works or facilities which the district is authorized by law to purchase, construct, lease or otherwise acquire, or the improvement, reconstruction, extension or addition to any real or personal property, works or facilities owned or operated by the district, but does not include the purchase or acquisition by the exercise of the right of eminent domain or condemnation of any existing works or facilities, nor the purchase, construction, leasing or acquisition of, or the extension or addition of, works or facilities designed to serve areas or territories outside the boundaries of the federal reclamation project in which the district is located, or areas or territories already being served or which within twelve months past have been served by existing works or facilities belonging to others. See Arizona Laws 48-141
1. To issue its bonds to finance the costs of any undertaking.
2. To pledge to the punctual payment of the bonds and interest thereon an amount of the revenue from the undertaking, including improvements or extensions thereafter constructed or acquired, sufficient to pay the bonds and interest as they become due, and to create and maintain reasonable reserves therefor. The amount pledged may consist of all or any part of such revenue. The board of directors, in determining the cost of the undertaking, may include all costs and estimated costs of the issuance of the bonds, all engineering, inspection, fiscal and legal expenses, and interest which it is estimated will accrue on money borrowed or which will be borrowed during the construction period for six months thereafter.