Arizona Laws 5-870. Use of surplus monies
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A. If a balance remains in the bond proceeds subaccount after all acquisition, construction and related costs have been paid:
Terms Used In Arizona Laws 5-870
- Authority: means the tourism and sports authority. See Arizona Laws 5-801
- Board: means the board of directors of the authority. See Arizona Laws 5-801
- Bonds: means the bonds of the authority issued pursuant to this article. See Arizona Laws 5-861
1. The board shall credit the balance to repay any other outstanding indebtedness of the authority.
2. If the authority has no outstanding indebtedness, the board shall credit the remaining balance to the authority’s operating account established by section 5-836.
B. If a balance remains in the debt service account after payment of all bonds, interest and other charges related to bonds issued under this article, the board shall credit the balance to the authority’s operating account established by section 5-836.