Arizona Laws 48-149. Covenants in resolution
A. Any resolution pertaining to the issuance of bonds under this article may contain covenants as to:
Terms Used In Arizona Laws 48-149
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Board of directors: means the board having charge of the affairs of the district. See Arizona Laws 48-141
- Contract: A legal written agreement that becomes binding when signed.
- District: means any irrigation or agricultural improvement district located in a federal reclamation project, organized pursuant to law. See Arizona Laws 48-141
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trustee: A person or institution holding and administering property in trust.
- 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. The purpose to which the proceeds of the sale of the bonds may be applied and to the use and disposition thereof.
2. The use and disposition of the revenue of the undertaking for which the bonds are to be issued.
3. The issuance of other or additional bonds payable from the revenue of the undertaking.
4. The operation and maintenance of the undertaking.
5. The insurance to be carried thereon and the use and disposition of insurance monies.
6. Books of account and the inspection and audit thereof.
7. The terms and conditions upon which the holders of the bonds, or any proportion of them or any trustee therefor, shall be entitled to the appointment of a receiver, who may enter and take possession of the undertaking, operate and maintain the same, prescribe charges, and collect, receive and apply all revenue thereafter arising therefrom in the same manner as the district itself might do.
B. The provisions of this article and any such resolution shall be deemed a contract with the holders of the bonds, and the duties of the district and of its board of directors and officers under this article and any such resolution shall be enforceable by mandamus or any appropriate action of a court of competent jurisdiction.