Title 5, Amusements and Sports

In this chapter, unless the context otherwise requires: 1. "Advisory board" means the advisory board of the authority. 2. "Authority" means the southern Arizona sports, tourism and film authority. 3. "Board" means the board of directors of the authority. 4. "Indian tribe" means a…

A. The southern Arizona sports, tourism and film authority is established. The authority consists of the counties of Greenlee, Graham, Cochise, Santa Cruz, Pima and Pinal. B. The authority is a corporate and political body, separate and independent of this state or the counties. …

A. The authority is governed by a board consisting of the following members who must reside within the boundaries of the authority: 1. Six members representing the county government of each county in the authority. The governor shall appoint two members, the president of the sena…

A. The board of directors, on behalf of the authority, may: 1. Adopt and use a corporate seal. 2. Sue and be sued. 3. Enter into contracts, including intergovernmental agreements under pursuant to title 11, chapter 7, article 3, as necessary to carry out the purposes and requirem…

A. The executive director is responsible for managing, administering and supervising the activities of the authority. B. The executive director shall negotiate, make, execute, acknowledge and perform contracts and other agreements in the interest of the authority or to carry out …

A. The members of the board are subject to title 38, chapter 3, article 8, relating to conflicts of interest, including the penalties prescribed in section 38-510. B. A member of the board of directors may not have any direct or indirect financial interest in any of the following…

A. A principal or lobbyist or any other person acting on behalf of a principal or lobbyist may not give a gift to any member or employee of the board, and a board member or employee may not accept a gift from a principal or lobbyist. B. For the purposes of this section, a gift do…

Subject to the requirements of title 4, the board may allow and regulate the sale, use and consumption of alcoholic beverages at events held on property acquired, leased or subleased under this chapter.

A. Within three months after the end of each fiscal year, the authority shall prepare a report signed by the executive director and transmit the report to the joint legislative budget committee. The report shall include a progress report of the activities of the authority during …

A. On or before May 31 of each year, the board shall hold a public hearing to adopt a budget for the following fiscal year that includes: 1. Receipts during the preceding fiscal year. 2. Expenditures during the preceding fiscal year. 3. Estimates of amounts necessary for expenses…

A. The authority shall maintain a general fund and may establish accounts and subaccounts within the general fund as necessary and convenient. All revenues and monies received by the authority shall initially be deposited in the general fund. B. The authority may invest any unexp…

A. Beginning not later than 2027, and at least every fifth year thereafter, the auditor general shall conduct a performance audit as defined in section 41-1278 of the authority. B. On or before November 30 of the respective year, the auditor general shall issue a public report of…

A. The board shall cause an annual audit to be conducted of each of the authority's funds, accounts and subaccounts by an independent certified public accountant within one hundred twenty days after the end of the fiscal year. B. The board shall immediately file a certified copy …

In this article, unless the context otherwise requires: 1. "Authority purpose" includes: (a) The capital costs of acquiring, designing, developing, constructing, reconstructing, equipping, furnishing, repairing, maintaining and improving stadiums and multipurpose facilities, dire…

Bonds issued under this article: 1. Are payable only according to their terms. 2. Are obligations of the authority. 3. Are not general, special or other obligations of this state, or of the county or any city or town located in the authority. The members of the board and persons …

A. The board may issue bonds pursuant to this article in a principal amount that is necessary to: 1. Provide sufficient monies for any authority purposes. 2. Establish and fully or partially fund any required reserves or sinking accounts. 3. Issue refunding bonds to refund bonds …

A. The board shall issue the bonds in the number and amount provided in the resolution. The board shall provide published notice within fifteen days to the public of its intention to issue bonds. B. The bonds may be sold by competitive public sale, through an online bidding proce…

A. If the authority issues bonds under this article, the board shall establish a bond proceeds account within the general fund consisting of monies received from the sale of the bonds. B. The board may use monies in the bond proceeds account only for authority purposes in the man…

A. If the authority issues bonds under this article, the board shall establish a debt service account within the general fund consisting of monies designated and dedicated by the board for repayment of the bonds and payment of costs and related expenses associated with redeeming …

In connection with issuing bonds authorized by this article and to secure the principal and interest on the bonds, the board by resolution may: 1. Pledge for the payment of principal and interest on the bonds all or part of the revenues and other monies received by the authority …

A. Any pledge made under this article is valid and binding from the time when the pledge is made. B. The monies pledged to the holders of the bonds and received by the authority for placement in the debt service account are immediately subject to the lien of the pledge without an…

The board may purchase bonds for cancellation, using any available monies, at a price of not more than the following: 1. If the bonds are redeemable at the time of purchase, the applicable redemption price plus accrued interest to the next interest payment date. 2. If the bonds a…

A. The bonds shall be paid solely from monies in the debt service account. B. The members of the board and any persons who execute the bonds are not personally liable for the payment of the bonds. C. The authority's fiscal agent shall cancel all bonds when paid.

A. The board may authorize the authority's fiscal agent to invest monies in the bond proceeds account in the manner prescribed by section 5-1473. B. The order directing an investment shall state a date on which the proceeds from the sale of the bonds will be needed for use, and t…

A. The board may authorize the authority's fiscal agent to invest and reinvest any monies in the debt service account as provided by section 5-1473. B. The order directing an investment shall state a date on which the monies and other resources in the debt service account will be…

A. The monies in either the bond proceeds account or the debt service account may be invested and reinvested at the direction of the board in any of the following: 1. United States treasury obligations. 2. Consolidated farm loan bonds. 3. Obligations issued by the federal interme…

A. Monies derived from selling bonds under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds shall be deposited by the authority's fiscal agent in financial institutions that the board designates and that are insured by an ag…

A. Bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code, subject only to any provisions for registration, regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial…

A. Bonds issued under this article remain valid and binding obligations of the authority, notwithstanding that before the delivery of the bonds any person whose signature appears on the bonds ceases to be an officer of the authority. B. An amendment of this chapter does not dimin…

A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article app…