All proceeds received from the sale of the bonds, all fees, rents, tolls or other charges received by the district from any undertaking financed by the bonds, and all monies received from any source in connection therewith shall be paid to the district treasurer, or such depository as may be designated by the board of directors. The district treasurer or depository shall not commingle any money received under the terms of this article with any other monies, but the monies received under this article shall be deposited in a separate fund with the district treasurer or depository in the name of the district. The board of directors may by resolution provide that all deposits of such proceeds, fees, rents, tolls or other charges, and the monies received under this article, shall be secured by obligations of the United States or of this state of a market value equal at all times to the amount of the deposits, and all banks and trust companies are authorized to give such security for the deposits.

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Terms Used In Arizona Laws 48-152

  • 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
  • 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
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
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