Arizona Laws 48-173. District powers under federal contracts
A. Any district which is a party to a contract or agreement with the federal government may enter into and comply with the terms and provisions thereof and shall do and perform all things on its part to be done or performed thereunder, including but not limited to limiting the amount of additional indebtedness which the district may incur and the levying and collecting of such taxes, assessments or other charges as may be necessary both to pay interest and principal on all indebtedness to be incurred by the district pursuant to the contract, and maintaining such reserves either for the future needs of the district or for further assurance of the payment of principal and interest on the indebtedness as may be required by the terms of the contract or agreement.
Terms Used In Arizona Laws 48-173
- Bonds: includes bonds, notes, temporary notes, temporary bonds, interim receipts, interim certificates, certificates of indebtedness, refunding notes, refunding bonds or other evidences of indebtedness or obligations of the district. See Arizona Laws 48-171
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- District: includes any irrigation district, drainage district, flood control district, agricultural improvement district, electrical district or power district, and in addition thereto any district, political subdivision, governmental agency, corporation or instrumentality of the state having territorial boundaries and created or organized for the purpose of benefiting or performing services for lands in the state. See Arizona Laws 48-171
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Federal government: includes the United States, the president of the United States, the federal emergency administrator of public works, reconstruction finance corporation, or any agency, instrumentality or corporation of the United States, which has been or may be designated, created or authorized by or pursuant to any act or acts of the Congress, or which is owned or controlled, directly or indirectly, by the United States. See Arizona Laws 48-171
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
B. If the proceeds of all or any part of any bonds issued pursuant to the contract are to be used for the purpose of refunding, refinancing or paying any bonds previously issued by the district, and if any owner or owners of lands within its boundaries can show that his or their lands were only subject to payment of a special limited part of the principal and interest falling due on such pre-existing bonds, the maximum amount of taxes or assessments which may be levied against such lands on account of the principal of the portion of such new bonds to be issued for refunding, refinancing or payment of the pre-existing bonds shall not be larger in aggregate amount than the principal amount of the pre-existing bonds chargeable against such lands. This subsection shall not be deemed to limit the obligation of such lands or the owners thereof to pay additional taxes and assessments for the payment of interest on a like principal amount of the new bonds.
C. If, prior to the issuance of any bonds or the advance of any monies by the federal government pursuant to the provisions of such a contract, the governing body of the district adopts a resolution stating that it is in the best interests of the district that the amount of the taxes and assessments that may be assessed, levied or collected by it shall be limited in such manner and for such term or period as may be specified in the resolution, then, after the issuance of any bonds or the advance of any monies by the federal government pursuant to the provisions of such a contract, whichever occurs first, the power of the district to assess, levy or collect taxes and assessments shall be so limited during the term therein specified, and immediately upon the issuance of any such bonds or the advance of any such monies, the power of the district to assess, levy or collect taxes and assessments shall be reduced to the extent specified in the resolution for the period therein described.
D. By any such contract or agreement, the district may agree that the federal government, or any such public or private agency or corporation, may assume or liquidate, compromise, pay or discharge, all or any part of the indebtedness of the district. It may agree that the stock or other evidence of the ownership or interest of the district in any such private corporation or agency, as well as any other properties of the district, may be placed or held in trust irrevocably during the term of the contract or agreement or for such other period as may be prescribed in the contract. The contract or agreement may contain any other term or condition deemed necessary.
E. The district is authorized to do any and all acts and things considered necessary or advisable by the federal government and the district in connection with or additionally to secure any loans or grants of money or issuance or sale of bonds provided for in the contract or agreement.