Arizona Laws 48-6814. Revenue bonds; fees and charges
A. At any time after the hearing on formation of the district, the district board may hold a hearing on the question of authorizing the district board to issue revenue bonds of the district to provide monies for any infrastructure purposes consistent with the general plan.
Terms Used In Arizona Laws 48-6814
- District: means a tax levying revitalization district formed pursuant to this article. See Arizona Laws 48-6801
- District board: means the board of directors of the district. See Arizona Laws 48-6801
- General plan: means the general plan described in section 48-6802, subsection B, as the plan may be amended. See Arizona Laws 48-6801
- Infrastructure: means all improvements listed in this paragraph that will result in a beneficial use principally to land within the geographical limits of the district and may include a district's share of any improvements listed in this paragraph if the district board determines such share is proportionate to the beneficial use of such improvements to land within the geographical limits of the district, improvements within or outside the geographical limits of the district, necessary or incidental work, whether newly constructed, renovated or existing, and all necessary or desirable appurtenances. See Arizona Laws 48-6801
- Municipality: means an incorporated city or town and includes an Indian tribe or community. See Arizona Laws 48-6801
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- Revenue bonds: means those bonds that are issued pursuant to this article and that are secured by a pledge of revenues of the district or revenues collected by the county or municipality and returned to the district. See Arizona Laws 48-6801
B. If revenue bonds are approved by resolution, the district board may issue and sell revenue bonds of the district.
C. If the bonds are to be sold in a public offering, no bonds may be issued by the district unless the bonds receive one of the four highest investment grade ratings by a nationally recognized bond rating agency.
D. The district board may pledge to the payment of its revenue bonds any revenues of the district or revenues to be collected by the municipality in trust for the district and returned to the district.
E. The district shall prescribe fees and charges, and shall revise them when necessary, to generate revenue sufficient, together with any monies from the sources described in section 48-6812, to pay when due the principal and interest of all revenue bonds for the payment of which revenue has been pledged. The establishment or revision of any rates, fees and charges shall be identified and noticed concurrently with the annual budget process of the district pursuant to section 48-6813.
F. If, in the resolution of the district board, the revenues to be pledged were limited to certain types of revenues, only those types of revenues may be pledged and only those revenues must be maintained.
G. No holder of revenue bonds issued under this article may compel any exercise of the taxing power of the district or municipality to pay the bonds or the interest on the bonds. Revenue bonds issued under this article are not a debt of the district or municipality, nor is the payment of revenue bonds enforceable out of any monies other than the revenue pledged to the payment of the bonds.
H. The district may issue and sell refunding bonds to refund any revenue bonds of the district.