Arizona Laws 48-4913. Scope of resolution
A. Resolutions for a bond issue or issues under this article shall state the amount of the proposed issue or issues, the proposed interest rate and types and terms of bonds, that all other methods of necessary financing by the district have been found impractical, inadvisable or inadequate and that the issuance of the bonds is necessary and advisable as proposed.
Terms Used In Arizona Laws 48-4913
- District: means an active management area water district established under this chapter. See Arizona Laws 48-4801
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
B. Resolutions shall be signed by the district chairman and secretary-treasurer. In support of the resolution the district shall enter into its record pertinent engineering, economic and financial data, appropriate maps, drawings, plans, outlines, calculations, summaries and related agreements and any other essential information constituting a record appropriate to the resolution.
C. The resolution may approve a bond issue to finance an entire plan or system or any single or joint project, section or other facility of a related system or plan proposed for ultimate integration and completion.