No revenue bonds may be issued until provision is made by contracts pursuant to this chapter adequate in the judgment of the board to ensure all necessary fiscal reserves, operation costs, maintenance and depreciation charges and payment of principal and interest of any bonds relating to any proposed project or facility involved and within the time fixed. Revenue bonds shall not be issued except on resolution by the district.

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Terms Used In Arizona Laws 48-4912

  • Board: means either the initial board of directors or the permanent board of directors of a district. See Arizona Laws 48-4801
  • District: means an active management area water district established under this chapter. See Arizona Laws 48-4801
  • Project: means a facility necessary or convenient to obtain, divert, withdraw, transport, exchange, deliver, treat or store water, including rights-of-way, real and personal property, interests in property and improvements to property that are necessary or appropriate to maintain and operate the facilities. See Arizona Laws 48-4801
  • Resolution: means a resolution, adopted by the governing body of a city or town, by the board of directors of a private water company that is a corporation, by the general partners of a private water company that is a partnership or by the individual owners of a private water company that is individually owned. See Arizona Laws 48-4801
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