Title 5 — Amusements and Sports

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 any organized Indian nation, tribe, band or community tha…

B. The authority is a corporate and political body, separate and independent of this state or the counties. Except as otherwise limited, modified or provided by this chapter, the authority has all of the rights, powers and immunities of municipal corporations except to acquire re…

1. Six members representing the county government of each county in the authority. The governor shall appoint two members, the president of the senate shall appoint two members and the speaker of the house of representatives shall appoint two members. 2. Four members who reside w…

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 requirements of this chapter. 4. Adopt administrative rules as neces…

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 or accomplish the purposes of this chapter, including construction contracts and agreements with users of any facility…

B. A member of the board of directors may not have any direct or indirect financial interest in any of the following: 1. Property owned, purchased or constructed by the authority. 2. A contract entered into by the authority. 3. A private corporation or other entity with which the…

B. For the purposes of this section, a gift does not include any of the following: 1. Salary, compensation or employer-reimbursed expenses lawfully paid to a board member or employee. 2. A family gift. 3. An award or prize that is given to competitors in a contest or event that i…

[Repealed or reserved.]

B. At the request of the chairperson of the joint legislative budget committee, the executive director shall appear before the joint legislative budget committee to report on the activities and financial performance of the authority during the previous year.

1. Receipts during the preceding fiscal year. 2. Expenditures during the preceding fiscal year. 3. Estimates of amounts necessary for expenses during the following fiscal year, including amounts proposed for administrative costs of the authority. 4. Anticipated revenue to the aut…

B. The authority may invest any unexpended monies in the general fund as provided in title 35, chapter 2. Interest and other income from investments of monies in any account shall be credited to that account except as otherwise provided by law. C. The authority's investments must…

B. On or before November 30 of the respective year, the auditor general shall issue a public report of the performance audit, including findings and specific recommendations for statutory and administrative changes to improve the operation of the authority. The auditor general sh…

B. The board shall immediately file a certified copy of the audit with the auditor general. The auditor general may make such further audits and examinations as necessary and may take appropriate action relating to the audit or examination pursuant to title 41, chapter 7, article…

1. "Authority purpose" includes: (a) The capital costs of acquiring, designing, developing, constructing, reconstructing, equipping, furnishing, repairing, maintaining and improving stadiums and multipurpose facilities, directly related improvements and infrastructure, except as …

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 who execute the bonds are not per…

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 issued by the authority if the board considers refunding to be expedient. The board may provide fo…

B. The bonds may be sold by competitive public sale, through an online bidding process or at negotiated sale for public or private offering at the price and on the terms prescribed in the resolution. For the purposes of this subsection, "online bidding process" means a procuremen…

B. The board may use monies in the bond proceeds account only for authority purposes in the manner prescribed by this chapter. C. The authority's fiscal agent shall administer and account for the bond proceeds account.

B. Monies in the debt service account may be used only for the purposes authorized by this article. C. The authority's fiscal agent shall administer and account for the debt service account.

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 and deposited in the general fund or any account or subaccount of the general fund. 2. Pledge and assign to or in trust for the benefit of the h…

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 any further act. Any lien of any pledge is valid and binding against all parties who have claims of …

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 are not redeemable at the time of purchase, the applicable redemption price on the first date after purchase on which t…

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.

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 the fiscal agent shall make the investment in such a way as to mature on or before the specified date. C. All monies earned as interest or otherwis…

B. The order directing an investment shall state a date on which the monies and other resources in the debt service account will be needed for use, and the fiscal agent shall make the investment in such a way as to mature on or before the specified date. C. All monies earned as i…

1. United States treasury obligations. 2. Consolidated farm loan bonds. 3. Obligations issued by the federal intermediate credit banks or bonds for cooperatives on authority of the farm credit act of 1933 (48 Stat. 257). 4. Any other obligations guaranteed by the United States go…

B. This section does not limit the power of the board to agree in connection with issuing any of its bonds as to the custody and disposition of the monies received from selling bonds or from the income and revenues pledged or assigned to or in trust for the benefit of the holder …

B. The bonds, their transfer and the income from the bonds are at all times free from taxation in this state. C. Bonds issued under this article: 1. Are securities in which public officers and bodies of this state and of municipalities and political subdivisions of this state, al…

B. An amendment of this chapter does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders. C. This state pledges to and agrees with the holders of the bonds authorized by this article that this state will not limit, alte…

B. The validity of bonds issued under this article does not depend on and is not affected by the legality of any proceeding relating to the acquisition, construction, improvement, operation or maintenance of a stadium or multipurpose facility for which the bonds are issued. C. Th…